Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 675

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 12
Chunk 675
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 potential future
cash flows. The adoption of the ASU 2023-07 had no impact on the Trust’s financial position or results of operations.

The Sponsor acts as the Trust’s chief operating decision
maker (“CODM”), assessing performance and making decisions about resource allocation. The CODM has determined that
the Trust has a single operating segment based on the fact that the Trust’s long-term strategic asset allocation is pre-determined
in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Sponsor.

Note 3. Trust Expenses and Other Agreements

The Trust pays the Sponsor a unified fee (the
“Sponsor Fee”) of 0.20% of average daily net assets that accrues daily and pays monthly. Prior to February 21, 2024, the
Sponsor Fee was 0.25% of average daily net assets. Effective for the period from March 12, 2024, through November 24, 2024, the Sponsor agreed to
waive the entire Sponsor Fee for the first $1.5 billion of the Trust’s net assets. Effective for the period from November 25,
2024 through January 10, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion of the Trust’s assets.
If the Trust’s assets exceed $2.5 billion prior to January 10, 2026, the Sponsor Fee charged on assets over $2.5 billion will
be 0.20% of average daily net assets. All investors will incur the same Sponsor Fee which is the weighted average of those fee
rates. After January 10, 2026, the Sponsor Fee will be 0.20% of average daily net assets. The Sponsor has agreed to pay all
operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor Fee. The Sponsor from time
to time will sell bitcoin, which may be facilitated by one or more liquidity providers and/or the Bitcoin Custodians, in such
quantity as is necessary to permit payment of the Sponsor Fee and Trust expenses and liabilities not assumed by the Sponsor.

The Trustee fee is paid by the Sponsor and is not an expense of
the Trust.

The Trust holds its bitcoin at the Bitcoin Custodian and at the
Additional Bitcoin Custodian, both of which are regulated third-party custodians that carry insurance
(in the case of the Additional Bitcoin Custodian, such insurance is carried by