Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 638

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 10
Chunk 638
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 Share is calculated by taking the current market value of its total assets, subtracting any liabilities, and then dividing
that total by the total number of outstanding Shares. The Trust Agreement gives the Sponsor the exclusive authority to determine
the Trust’s NAV and the Trust’s NAV per Share, which it has delegated to the Administrator.

F-9

VANECK BITCOIN ETF

Notes to the Financial Statements (continued)

December 31, 2024

F. Federal Income Taxes

The Trust is treated as a grantor trust for federal income tax
purposes and, therefore, no provision for federal income taxes is required. Any interest, expenses, gains and losses are passed
through to the holders of Shares of the Trust. The Sponsor has reviewed the tax positions as of December 31, 2024 and has determined
that no provision for income tax is required in the Trust’s financial statements.

G. Segment Reporting—In this reporting period, the
Trust adopted FASB Accounting Standards Update 2023-07 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures
(“ASU 2023-07”). The provisions of the new standard require additional financial statements disclosures related to
segment reporting to enable investors to better understand an entity’s overall performance and to assess its potential future
cash flows. The adoption of the ASU 2023-07 had no impact on the Trust’s financial position or results of operations.

The Sponsor acts as the Trust’s chief operating decision
maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM has determined that
the Trust has a single operating segment based on the fact that the Trust’s long-term strategic asset allocation is pre-determined
in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Sponsor.

Note 3. Trust Expenses and Other Agreements

The Trust pays the Sponsor a unified fee (the
“Sponsor Fee”) of 0.20% of average daily net assets that accrues daily and pays monthly. Prior to February 21, 2024, the
Sponsor Fee was 0.25% of average daily net assets. Effective for the period from March 12, 2024, through November 24, 2024, the Sponsor agreed to
waive the entire Sponsor Fee for the first $1.5 billion of the Trust’s net assets. Effective for the period from November 25,
2024 through January 10