Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 620

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 9C
Chunk 620
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 December 21, 2023. On January 4, 2024, the 8,000 Shares held by the Seed Capital Investor were redeemed for cash and the Seed
Capital Investor purchased the “Seed Creation Baskets,” comprising of 5,800,000 Shares at a per-Share price of $12.50.
Total proceeds to the Trust from the sale of the Seed Creation Baskets were $72,500,000, which resulted in the Trust receiving
1,640.92 bitcoin. As of December 31, 2024, the Seed Capital Investor’s ownership in the Trust represents approximately 9%
of net assets.

VanEck is a minority interest holder in the parent company of the
Bitcoin Custodian, representing less than 1% of its equity.

 (a) Share amounts in Note 4 have been adjusted to reflect the 4 for 1 share split that occurred on February 14, 2025.

Note 5. Capital Share Transactions

Investors can buy and sell Shares of the Trust in secondary market
transactions through brokers. Shares trade on the Exchange under the ticker symbol HODL. Shares are bought and sold throughout
the trading day like other publicly traded securities.

The Trust continuously offers the Trust Shares in baskets consisting
of 25,000 Shares to authorized participants. Prior to March 4, 2024, the Trust offered baskets consisting of 50,000 Shares to authorized
participants. Authorized participants pay a transaction fee for each order they place to create or redeem one or more baskets.
The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the amount of bitcoin represented
by the baskets being created (or redeemed); the amount of bitcoin represented is equal to the combined NAV of the number of Shares
included in the baskets being created (or redeemed).

The Trust creates and redeems Shares, but only in one or more baskets.
Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of bitcoin represented
by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the

F-11

VANECK BITCOIN ETF

Notes to the Financial Statements (continued)

December 31, 2024

number of Shares included in the baskets being created or redeemed
determined as of 4:00 p.m. EST on the day the order to create or redeem baskets is properly received. For an order to create baskets,
an