Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 277

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 277
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 if substantially realized, will result in the expected consequences to,
or have the expected effects on, the Trust’s operations or the value of the Shares issued by the Trust. Moreover, neither the Sponsor
nor any other person assumes responsibility for the accuracy or completeness of the forward-looking statements. Neither the Trust nor
the Sponsor undertakes an obligation to publicly update or conform to actual results any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as required by law.

Introduction

The Trust is a Delaware statutory trust. The Trust does not have directors,
officers or employees. The creation and operation of the Trust has been arranged by the Sponsor. The Trust is administered by the Trust
Agreement, among the Sponsor, the Trustee and the Delaware Trustee. The Trust is managed and controlled by the Sponsor, a wholly-owned
subsidiary of VanEck. The Sponsor is not governed by a board of directors.

The Trust’s investment objective is to reflect the performance
of bitcoin less the operating expenses of the Trust. The Trust is a passive investment vehicle that does not seek to pursue any investment
strategy beyond tracking the price of bitcoin. The Trust does not engage in any activities designed to obtain a profit from, or ameliorate
losses caused by, changes in the price of bitcoin.

The Trust issues and redeems Shares only in aggregations of 25,000 Shares,
a Basket, or integral multiples thereof, and only in transactions with Authorized Participants.

Shares of the Trust trade on the Exchange under the ticker symbol “HODL.”

Computation of Net Asset Value

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. ET. The Trust’s NAV per Share is calculated by taking the
current market value of its total assets, subtracting any liabilities, and then 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.

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Liquidity

The Trust is not aware of any trends, demands, conditions or events
that are reasonably likely to result in material changes to its liquidity needs. In exchange for a fee, the Sponsor has agreed to assume
most of the expenses incurred