Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 12

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 12
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use the Fiat Account to facilitate the purchase and sale of bitcoin in connection with the cash creations and redemptions. In respect
of the Fiat Account, the Bitcoin Custodian holds the Trust’s cash held in its Fiat Account in one or more omnibus accounts
for the benefit of the Bitcoin Custodian’s customers at depository institutions or money market funds.

7

The Sponsor may, in its sole discretion, add or terminate other bitcoin
custodians. The Sponsor has executed an agreement with Coinbase Custody Trust Company (“Coinbase Custody”) that allows
Coinbase Custody to serve as an additional custodian for the Trust’s assets. The Sponsor may, in its sole discretion, change the
custodian for the Trust’s bitcoin holdings, but it will have no obligation to do so or to seek any particular terms for the
Trust from other such custodians. To the extent that the Sponsor adds or terminates other bitcoin custodians, or changes the custodian
for the Trust’s bitcoin holdings, notification will be made to Shareholders via a prospectus supplement and/or a current
report filed with the SEC.

The Trust’s Bitcoin Custodian will keep custody of all of the
Trust’s bitcoin and will safeguard the private keys to the bitcoin associated with the Trust’s Bitcoin Account and
Clearing Account. Bitcoin private keys are stored in two different forms: “hot wallet” storage, whereby the private
keys are stored on secure, internet-connected devices, and “cold” storage, where digital currency private keys are
stored completely offline. The Custody Agreement requires the Bitcoin Custodian to hold the Trust’s bitcoin in its Bitcoin
Account in cold storage, unless required to facilitate withdrawals as a temporary measure. Bitcoin temporarily held in the Clearing
Account in connection with creations and redemptions or withdrawals of bitcoin to pay the Sponsor Fee or extraordinary expenses
may be held in omnibus hot storage wallets.

The Bitcoin Custodian will use segregated cold storage bitcoin addresses
for the Trust’s Bitcoin Account, which is separate from the bitcoin addresses that the Bitcoin Custodian uses for its other
customers and which are directly verifiable via the bitcoin blockchain. The Bitcoin Custodian will at all times record and identify
in its books and records that such bitcoins constitute the property of the Trust. The Bitcoin Custodian will not loan, hypothecate,
pledge or otherwise encumber the Trust’s bitcoin, as applicable, without the Trust’s instruction, nor will the Sponsor
or any other entity or service provider. The Trust