Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 5

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 5
---
059,092

    Gemini
     
    $
    83,442

    Kraken
     
    $
    183,480

3

The market share for BTC/USD trading of the
five constituent trading platforms over the past four calendar quarters is shown in the table below:

    Period
    Bitstamp
     
    Bullish
     
    Coinbase
     
    Gemini
     
    Kraken
     
    Others

    2024
    Q1
    6.38%
     
    0.00%
     
    46.49%
     
    2.12%
     
    8.65%
     
    36.34%

    2024
    Q2
    7.49%
     
    1.88%
     
    48.01%
     
    2.57%
     
    8.65%
     
    31.39%

    2024
    Q3
    6.90%
     
    5.65%
     
    34.25%
     
    1.96%
     
    6.39%
     
    44.86%

    2024
    Q4
    5.28%
     
    4.13%
     
    29.77%
     
    2.17%
     
    5.29%
     
    53.36%

    *
    Source: MarketVector

Competition

The Trust and the Sponsor face competition with respect to the creation
of competing products, including with respect to the creation of competing exchange-traded bitcoin products. There can be no assurance
that the Trust will grow to or maintain an economically viable size.

In addition, commercial banks and other financial institutions have
a number of initiatives that incorporate new technologies, including blockchain and similar technologies, into their payments and
settlement activities, which could compete with, or reduce the demand for, bitcoin. The Trust competes with direct investments
in bitcoin, other cryptocurrencies, futures contracts for bitcoin (“Bitcoin Futures”), and other potential financial
vehicles, possibly including securities backed by or linked to cryptocurrency and other investment vehicles that focus on other
digital assets.

The MarketVectorTM Bitcoin Benchmark Rate

MarketVector is the index sponsor and index administrator for the
Index. MarketVector is a wholly-owned subsidiary of VanEck. CryptoCompare Data Limited