Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 42

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 4
Chunk 42
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 decreasing, potentially making bitcoin more expensive in a rising market
and then causing downward pressure on bitcoin prices in a falling market (causing prices to fall faster than they otherwise would).
Digital asset treasury companies could cause greater volatility in digital asset markets, including markets for bitcoin. Negative
events or sentiment surrounding digital asset treasury companies could affect the market for bitcoin. On the other hand, digital
asset treasury companies may compete with the Trust in the marketplace as a perceived alternative means of achieving exposure to
the price of bitcoin (to a greater or lesser extent) through investing in securities. The foregoing or similar events involving
digital asset treasury companies could adversely affect holders of Shares in the Trust.

Item 2. Unregistered Sales of Equity
Securities and Use of Proceeds.

a) None.

b) Not applicable.

c) 2,025,000 Shares (81 Baskets) were redeemed during the quarter
ended June 30, 2025.

    Period 
    Total Number of Shares Redeemed  
    Average Per Share 

    04/01/25 to 04/30/25 
     1,100,000  
    $23.28 

    05/01/25 to 05/31/25 
     700,000  
     28.63 

    06/01/25 to 06/30/25 
     225,000  
     28.94 

    Total 
     2,025,000  
    $25.76 

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

Item 6. Exhibits.

See the Exhibit Index below, which is incorporated
by reference herein.

14

    Exhibit No.
    Exhibit Description

    3.1
    Certificate of Trust incorporated by reference to Exhibit 3.1 of the Registration Statement on Form S-1 filed by the Registrant on December 30, 2020

    3.2
    Certificate of Amendment to Certificate of Trust incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K filed by the Registrant on August 20, 2024

    4.1
    Third Amended and Restated Declaration of Trust and Trust Agreement incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed