Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 4

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 4
---
cry meeting place. Parties engaging in
OTC transactions will agree upon a price and then one of the two parties will then initiate the transaction.

Although bitcoin was the first digital asset,
in the ensuing years, the number of digital assets, market participants and companies in the space has increased dramatically.
In addition to bitcoin, other well-known digital assets include Ethereum, Bitcoin Cash, and litecoin. The category and protocols
are still being defined and evolving. MarketVector and the Sponsor believe that the bitcoin market has matured such that it is
operating at a level of efficiency and scale similar in material respects to established global equity, fixed income and commodity
markets.

Bitcoin Value

The value of bitcoin is determined by the value
that various market participants place on bitcoin through their transactions. The most common means of determining the value of
a bitcoin is by surveying one or more bitcoin trading platforms where bitcoin is traded publicly and transparently. The price of
bitcoin on the bitcoin market has exhibited periods of extreme volatility, which could have a negative impact on the performance
of the Trust. For example, between November 2021 and November 2022, the price of bitcoin fell from an all-time high of $68,789
to $15,460. As of February 28, 2025, the price of bitcoin has increased to $84,147(source: Coinbase).

On exchanges, bitcoin is traded with publicly
disclosed valuations for each executed trade, measured by one or more fiat currencies such as the U.S. dollar or Euro. OTC dealers
or market makers do not typically disclose their trade data.

Currently, there are many exchanges operating
worldwide, representing a substantial percentage of bitcoin buying and selling activity, and providing the most data with respect
to prevailing valuations of bitcoins. The below table reflects the average daily trading volume (in thousands of USD) of each of
the bitcoin trading platforms included in the MarketVectorTM Bitcoin Benchmark Rate as of February 28, 2025 using data
reported by MarketVector from December 31, 2022 to February 28, 2025:

    Bitcoin Exchanges included in the MarketVectorTM Bitcoin Benchmark
    Rate 
    as of February 28, 2025
     
    Average Daily Volume
    (in thousands of USD)

    Bitstamp
     
    $
    158,978

    Bullish
     
    $
    212,749

    Coinbase
     
    $
    1,