Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 7

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 7
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 means the total assets of the Trust which shall consist solely
of bitcoin and cash, less total liabilities of the Trust. The Trust’s NAV is calculated based on the Trust’s net asset
holdings as reconciled to the Bitcoin Custodian’s accounts on a market approach, determined on a daily basis in accordance
with the MarketVectorTM Bitcoin Benchmark Rate price at 4:00 p.m. Eastern Time (“ET”).

4

The Trust’s NAV per Share is calculated
by:

    ●
    taking the current market value of its total assets;

    ●
    subtracting any liabilities; and

    ●
    dividing that total by the total number of outstanding Shares.

The Trust Agreement gives the Sponsor the exclusive authority to
determine the Trust’s NAV and the Trust’s NAV per Share, which it has delegated to the Administrator.

The Administrator calculates the NAV of the
Trust once each Exchange trading day. The NAV for a normal trading day will be released after 4:00 p.m. ET. Trading during the
core trading session on the Exchange typically closes at 4:00 p.m. ET. However, NAVs are not officially struck until later in the
day (often by 5:30 p.m. ET and generally no later than 8:00 p.m. ET). The pause between 4:00 p.m. ET and 5:30 p.m. ET (or later)
provides an opportunity to detect, flag, investigate, and correct unusual pricing should it occur. The Sponsor will monitor for
significant events related to crypto assets that may impact the value of bitcoin and will determine in good faith, and in accordance
with its valuation policies and procedures, whether to fair value the Trust’s bitcoin on a given day (e.g., if the MarketVectorTM
Bitcoin Benchmark Rate is not available the Sponsor). In certain circumstances, the Sponsor will determine whether to fair value
the Trust’s bitcoin on a given day based on whether certain pre-determined criteria have been met. For example, if the MarketVectorTM
Bitcoin Benchmark Rate deviates by more than a pre-determined amount from an alternate benchmark available to the Sponsor, then
the Sponsor may determine to utilize the alternate benchmark. The Sponsor may also fair value the Trust’s bitcoin using observed
market transactions from one or more exchanges. The Sponsor may also fair value the Trust’s bitcoin using a combination of
inputs in certain situations (e.g., using observed market transactions, OTC quotations from brokers, etc.).