Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 21

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 21
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 provides that transaction costs and slippage related to Basket creation
and redemption are the responsibility of the Authorized Participant. Under ordinary circumstances, the Trust does not anticipate
that there would be fees or costs related to purchases and sales of bitcoin because Clearing Services are provided to the Trust
without additional charges by the Bitcoin Custodian. To the extent there are unusual or unanticipated fees or costs associated
with bitcoin purchases and sales in connection with creation and redemption activity, the Sponsor would seek to pass these costs
to the Liquidity Providers or the Authorized Participants. If unable to do so, the Sponsor would treat these as extraordinary expenses
and could decide to seek reimbursement from the Trust to the extent the fees or expenses were paid by the Sponsor on the Trust’s
behalf.

Creation Procedures

On any business day, an Authorized Participant may place an order
with the Transfer Agent to create one or more Baskets. Currently, creation orders are only accepted in cash. For purposes of processing
creation and redemption orders, a “business day” means any day other than a day when the Exchange is closed for regular
trading (“Business Day”). Purchase orders must be placed by the order cut-off time for a purchase order on a Business
Day (the “Creation Order Cut-Off Time”). The Creation Order Cut-Off Time is 3:59:59 p.m. ET on a trade date or as otherwise
communicated by the Sponsor. The day on which an order is received by the Transfer Agent is considered the purchase order date.

Prior to the delivery of Baskets for a purchase order, the Authorized
Participant must also have wired to the Transfer Agent the nonrefundable transaction fee due for the creation order to offset the
transfer and other transaction costs associated with the issuance of the Basket. Authorized Participants may not withdraw a creation
request. The manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. By placing a
creation order, an Authorized Participant agrees to facilitate the deposit of cash with the Cash Custodian or bitcoin, if In-Kind
Regulatory Approval is obtained. If an Authorized Participant fails to consummate the foregoing, the order will be cancelled.

The total deposit of cash required to create each Basket is an amount
of cash that is in the same proportion to the total assets of the Trust, net of accrued expenses and other liabilities, on the
date the order to purchase is properly received, as the number of Shares to be created under the purchase order is in proportion
to the