Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 40

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part II, Item 1
Chunk 40
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Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

There have been no material changes to the Risk Factors last
reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the period ended December 31, 2024, filed
with the Securities and Exchange Commission on March 26, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds.

a) None.

b) Not applicable.

c) 3,200,000 Shares (128 Baskets) were redeemed during the quarter
ended March 31, 2025.

    Period
     
    Total Number of Shares
    Redeemed
     
    Average Per 
Share

    01/01/25 to 01/31/25

    200,000
     
    $
    28.41

    02/01/25 to 02/28/25

    2,650,000

    25.69

    03/01/25 to 03/31/25

    350,000

    25.05

    Total

    3,200,000
     
    $
    25.79

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

Item 6. Exhibits.

See the Exhibit Index below, which is incorporated by reference
herein.

14

EXHIBIT INDEX

    Exhibit No.
    Exhibit Description

    3.1
    Certificate
    of Trust incorporated by reference to Exhibit 3.1 of the Registration Statement on Form S-1 filed by the Registrant on December
    30, 2020

    3.2
    Certificate
    of Amendment to Certificate of Trust incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K filed by the
    Registrant on August 20, 2024

    4.1
    Third
    Amended and Restated Declaration of Trust and Trust Agreement incorporated by reference to Exhibit 4.1 of the Current Report
    on Form 8-K filed by the Registrant on March 1, 2024

    4.2
    Amendment
    No. 1 to the Third Amended and Restated