Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 9

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 9
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 with the NAV and the Sponsor will communicate
its NAV calculation methodology clearly.

There are many instances in the market today
where the IIV and the NAV of an ETF are subtly different, whether due to the calculation methodology, market hours overlap or other
factors. The Sponsor has seen limited or no negative impact on trading, liquidity or other factors for exchange-traded funds in
this situation. The Sponsor believes that the IIV tracks the globally integrated bitcoin price as reflected on the contributing
real bitcoin trading platforms.

Dissemination of the IIV provides additional
information that is not otherwise available to the public and is useful to Shareholders and market professionals in connection
with the trading of the Trust’s Shares on the Exchange. Shareholders and market professionals are able throughout the trading
day to compare the market price of the Trust and the IIV. If the market price of the Trust’s Shares diverges significantly
from the IIV, market professionals will have an incentive to execute arbitrage trades. For example, if the Trust appears to be
trading at a discount compared to the IIV, a market professional

5

could buy the Trust’s Shares on the Exchange and sell short
futures contracts. Such arbitrage trades can tighten the tracking between the market price of the Trust and the IIV and thus can
be beneficial to all market participants.

Secondary Market Trading

The Trust will create and redeem Shares from time to time, but only
in one or more Baskets. The creation and redemption of Baskets are only made in exchange for delivery to the Trust or the distribution
by the Trust of the amount of bitcoin (or corresponding amount of cash) equal to the number of Shares included in the Baskets being
created or redeemed determined on the day the order to create or redeem Baskets is properly received.

As discussed above, Authorized Participants are the only persons
that may place orders to create and redeem Baskets. Authorized Participants must be registered broker-dealers or other securities
market participants, such as banks and other financial institutions that are not required to register as broker-dealers to engage
in securities transactions. An Authorized Participant is under no obligation to create or redeem Baskets, and an Authorized Participant
is under no obligation to offer to the public Shares of any Baskets it does create.

Authorized Participants that do offer to the public Shares from the
Baskets they create will do so at per-Share offering prices that are expected to reflect, among other factors, the trading price
of the Shares on the