Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 8

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 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 made in exchange for delivery to the Trust or the distribution by the Trust of the amount of bitcoin
represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number of Shares
included in the baskets being created or redeemed determined as of 4:00 p.m. EST on the day the order to create or redeem baskets
is properly received. For an order to create baskets, an authorized participant will deliver cash to the Trust’s account
at the cash custodian, which the Sponsor will then use to purchase bitcoin from a liquidity provider chosen by the Sponsor. For
an order to redeem baskets, the Sponsor will arrange for the bitcoin represented by the basket to be sold to a liquidity provider
chosen by the Sponsor and the cash proceeds distributed from the Trust’s account at the cash custodian to the authorized
participant in exchange for their Shares. Only authorized participants may place orders to create and redeem baskets through the
transfer agent. The transfer agent will coordinate with the Trust’s Bitcoin Custodians to facilitate settlement of the Shares
and bitcoin.

Share and capital activity is as follows:

    Three Months Ended March 31, 2025(a)
     
    Three Months Ended March 31, 2024(a)

    Shares
     
    Amount
     
    Shares
     
    Amount

    Beginning of
    period
     
    48,500,000

    $
    861,481,884

    8,000

    $
    100,000

    Shares issued
     
    5,175,000

    141,289,180

    31,900