Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 18

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 18
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 permit the Trust to purchase and
redeem Shares in-kind for bitcoin (the “In-Kind Regulatory Approval”)), or an amount of cash sufficient purchase such
amount of bitcoin, the amount of which is equal to the combined NAV of the number of Shares included in the Baskets being created
determined as of 4:00 p.m. ET on the day the order to create Baskets is properly received. Baskets are only redeemed in exchange
for delivery to the Trust of the amount of Shares represented by the Basket. The Authorized Participants will deliver only cash
to create Shares and will receive only cash when redeeming Shares. For a redemption in cash, the Sponsor shall arrange for the
bitcoin represented by the Basket to be sold to a Liquidity Provider selected by the Sponsor and the cash proceeds distributed
from the Trust’s account at the Cash Custodian to the Authorized Participant. The Liquidity Providers as of the date of this
Report, that have agreed to serve as a Liquidity Provider and have consented to be named in the Trust’s registration statement
are JSCT, LLC, Nonco LLC and Cumberland New York LLC. Additional Liquidity Providers may be added at any time, subject

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to the Sponsor’s sole discretion. In the future, subject to
In-Kind Regulatory Approval, the Trust may elect to permit Authorized Participants to also deliver or direct the delivery of bitcoin
by third parties, or take delivery or direct the taking of delivery of bitcoin by third parties, in connection with in-kind subscription
or redemption transactions. Based on the current price of bitcoin and corresponding size of the Baskets, the Sponsor does not believe
such size will have a material impact on the arbitrage mechanism.

Authorized Participants

Authorized Participants are the only persons that may place orders
to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers or other securities market participants,
such as banks and other financial institutions, that are not required to register as broker-dealers to engage in securities transactions
described below, and (2) participants in the Depository Trust Company (“DTC”) such as banks, brokers, dealers and trust
companies (“DTC Participants”). Registered broker-dealers are subject to various requirements of the federal securities
laws and rules, including financial responsibility rules such as the customer protection rule, the net capital rule and recordkeeping
requirements. There has yet to be definitive regulatory guidance on whether and how registered broker-dealers can comply with these
rules with regard to transacting