Company: HODL
Filing Date: 2025-11-20
Form Type: 424B3
Source: 0001838028-25-000021
Chunk: 6

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-20
Form: 424B3
Chunk 6
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 in secondary trading of the Shares and greater costs to investors and other market participants. In addition, the Trust’s limited ability to facilitate in-kind creations and redemptions, and resulting relative reliance on cash creations and redemptions, could cause the Sponsor to halt or suspend the creation or redemption of Shares during times of market volatility or turmoil, among other consequences.

Further, there can be no assurance that broker-dealers would be willing to serve as Authorized Participants with respect to the in-kind creation and redemption of Shares. Any of these factors could adversely affect the performance of the Trust and the value of the Shares.

The following supersedes and replaces the first paragraph under the caption “THE TRUST’S SERVICE PROVIDERS—The Bitcoin Custodian—The Bitcoin Custodian’s Role in the Clearing Agreement” on page 80 of the Prospectus.

The Bitcoin Custodian’s clearing services (“Gemini Clearing”) has been in operation since 2019 as a settlement platform to clear off-exchange trades, allowing the submission, acceptance, funding, and settlement of purchase and sale transactions with respect to bitcoin that the Trust arranges and negotiates with another party that is also a customer of the Bitcoin Custodian (“Counterparty”) without the involvement of the Bitcoin Custodian (such transactions, “Clearing Transactions”). The Trust engages in Clearing Transactions with Liquidity Providers (as defined in “CREATION AND REDEMPTION OF SHARES—Creation Procedures”) to source bitcoin in connection with purchase orders made in cash by Authorized Participants, or to sell bitcoin for cash to fill redemption orders in cash made by Authorized Participants. The Trust engages in Clearing Transactions with Authorized Participants or their designees in connection with in-kind transfers of bitcoin in connection with in-kind subscription and redemption processes. Gemini Clearing does not charge additional fees as the cost of Clearing Transactions is included in the Bitcoin Custodian’s custody fees. As further described below under “CREATION AND REDEMPTION OF SHARES”, the Trust’s Authorized Participant Agreement provides that transaction costs and slippage related to Creation Basket creation and redemption are the responsibility of the Authorized Participant.

The following supersedes and replaces the first to third paragraphs under the section “CREATION AND REDEMPTION OF SHARES” on page 88 of the Prospectus.

The Trust creates and redeems Shares from time to time, but only in one or more Creation Baskets. Creation Baskets are only made in exchange for delivery to the Trust of the amount of bitcoin represented by the Creation Baskets being created, or an amount of