Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 2

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 2
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 or incorporated into any other filings we make with the SEC. Additional information
regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov.

Trust Objective

The Trust’s investment objective is to reflect the
performance of the price of bitcoin less the expenses of the Trust’s operations. The Trust provides investors with the opportunity
to access the market for bitcoin through Shares held in a traditional brokerage account without the potential barriers to entry
or risks involved with holding or transferring bitcoin directly, acquiring it from an exchange, or mining it. The Sponsor believes
that the design of the Trust enables certain investors to more effectively and efficiently implement strategic and tactical asset
allocation strategies that use bitcoin by investing in the Shares rather than purchasing, holding and trading bitcoin directly
or through derivatives.

The Trust is a passive investment vehicle that does not
seek to pursue any investment strategy beyond tracking the price of bitcoin. As a result, the Trust will not attempt to speculatively
sell bitcoin at times when its price is high or speculatively acquire bitcoin at low prices in the expectation of future price
increases, nor will the Trust attempt to avoid losses or hedge exposure arising from the risk of changes in the price of bitcoin.

Listing

The Shares are listed for trading on the Cboe BZX Exchange, Inc.
(the “Exchange”) under the ticker symbol “HODL.”

Overview of the Bitcoin Industry

Bitcoin is a digital asset that can be transferred among participants
on the Bitcoin network on a peer-to-peer basis via the Internet. Unlike other means of electronic payments, bitcoin can be transferred
without the use of a central administrator or clearing agency. Because a central party is not necessary to administer bitcoin transactions
or maintain the bitcoin ledger, the term decentralized is often used in descriptions of bitcoin.

The supply of bitcoin is not determined by a central government,
but rather by an open-source software program that limits both the total amount of bitcoin that will be produced and the rate at
which it is released into the network. The responsibility for maintaining the official ledger of who owns what bitcoin and for
validating new bitcoin transactions is not entrusted to any single central entity. Instead, it is distributed among the network’s
participants.

Because peer-to-peer transfers of bitcoin are recorded on the “Bitcoin
Blockchain,” which is a digital public recordkeeping system or ledger, buying, holding and selling bitcoin is very different
than buying, holding and selling more conventional instruments like cash, stocks or bonds. Miners authenticate and bundle bitcoin