Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 20

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 20
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 a broker-dealer
under the Exchange Act and a member in good standing with FINRA, or exempt from being or otherwise not required to be licensed
as a broker-dealer or a member of FINRA, and qualified to act as a broker or dealer in the states or other jurisdictions where
the nature of its business so requires. Certain Authorized Participants may also be regulated under federal and state banking laws
and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers
as it determines is appropriate in light of its own regulatory regime.

As of the date of this Report, the Authorized Participants that have
consented to be named in the Trust’s registration statement are Jane Street Capital, LLC, Virtu Americas LLC, Macquarie Capital
Inc., and ABN

12

AMRO Clearing USA LLC. Additional Authorized Participants may be
added at any time, subject to the Sponsor’s discretion.

The following description of the procedures for the creation and
redemption of Baskets is only a summary and a Shareholder should refer to the relevant provisions of the Trust Agreement and the
form of Authorized Participant Agreement for more detail. The Trust Agreement and form of Authorized Participant Agreement are
incorporated by reference to this Report.

Authorized Participants will place orders through the Transfer Agent.
The Transfer Agent will coordinate with the Sponsor, who will in turn coordinate with the Trust’s Bitcoin Custodian in order
to facilitate settlement of the Shares and bitcoin.

The trading prices of many digital assets, including bitcoin, have
experienced extreme volatility in recent periods and may continue to do so. Extreme volatility may persist and the value of the
Shares may significantly decline in the future without recovery. The digital asset markets may be experiencing a bubble or may
experience a bubble again in the future. Extreme volatility in the future, including further declines in the trading prices of
bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of
their value. The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility
in the price of bitcoin.

In addition, the use of cash creations and redemptions has transaction
costs of buying and selling bitcoin. These costs include the bid-ask spread along with the operational costs from the labor and
overhead involved in calculating, executing, monitoring, and accounting for transactions in the bitcoin markets and related cash
movements. The Trust’s Authorized Participant Agreement