Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 8

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 is considered to be a related party to the Trust.

MarketVector Indexes GmbH is the index sponsor and index administrator
for the MarketVector Bitcoin Benchmark Rate, which is used by the Trust to determine its NAV. MarketVector Indexes GmbH is an indirectly
wholly-owned subsidiary of VanEck.

Van Eck Securities Corporation, a marketing agent to the Trust,
is a wholly-owned subsidiary of VanEck.

VanEck was the initial seed investor (“Seed
Capital Investor”) on December 21, 2023. On January 4, 2024, the 8,000 Shares held by the Seed Capital Investor were redeemed
for cash and the Seed Capital Investor purchased the “Seed Creation Baskets,” comprising of 5,800,000 Shares at a per-Share
price of $12.50. Total proceeds to the Trust from the sale of the Seed Creation Baskets were $72,500,000, which resulted in the
Trust receiving 1,640.92 bitcoin. As of September 30, 2025 and December 31, 2024, the Seed Capital Investor’s ownership in
the Trust represents approximately 6% and 9%, respectively, of net assets.

VanEck is a minority interest holder in the
parent company of the Bitcoin Custodian, representing less than 1% of its equity.

(a)Share amounts in Note 4 have been adjusted to reflect the 4 for 1 share split that occurred on February 14, 2025.

Note 5. Capital Share Transactions

Investors can buy and sell Shares of the Trust
in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol HODL. Shares are bought
and sold throughout the trading day like other publicly traded securities.

The Trust continuously offers the Trust Shares
in baskets consisting of 25,000 Shares to authorized participants. Prior to March 4, 2024, the Trust offered baskets consisting
of 50,000 Shares to authorized participants. Authorized participants pay a transaction fee for each order they place to create
or redeem one or more baskets. The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the
amount of bitcoin represented by the baskets being created (or redeemed); the amount of bitcoin represented is equal to the combined
NAV of the number of Shares included in the baskets being created (or redeemed).

The Trust creates and redeems Shares, but only
in one or more baskets. Baskets are only