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

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 10
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 Exchange, the NAV of the Trust at the time the Authorized Participant purchased the Baskets, the NAV of the
Shares at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity
of bitcoin or other portfolio investments. Baskets are generally redeemed when the price per Share is at a discount to the NAV
per Share. Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times
may have different offering prices. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple
clients. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other
forms of compensation or inducement of any kind from either the Trust or the Sponsor and no such person has any obligation or responsibility
to the Sponsor or the Trust to effect any sale or resale of Shares. Shares trade in the secondary market on the Exchange.

Shares are expected to trade in the secondary market on the Exchange.
Shares may trade in the secondary market at prices that are lower or higher relative to their NAV per Share. The amount of the
discount or premium in the trading price relative to the NAV per Share may be influenced by various factors, including the number
of Shareholders who seek to purchase or sell Shares in the secondary market and the liquidity of bitcoin.

The Sponsor

The Sponsor arranged for the creation of the Trust and is responsible
for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange.
The Sponsor has developed a marketing plan for the Trust, prepares marketing materials regarding the Shares of the Trust, and exercises
the marketing plan of the Trust on an ongoing basis. The Sponsor appoints and may remove the Trust’s other service providers,
including the Trustee, Administrator, Transfer Agent, Bitcoin Custodian, Additional Bitcoin Custodian and Marketing Agent (as defined
below), as well as any additional, replacement, or successor service providers. The Sponsor has agreed to pay all ordinary operating
expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor’s unified fee.

The Cash Custodian

Under the cash custodian agreement (the “Cash Custody Agreement”),
State Street acts as custodian for the Trust’s cash. The Cash Custodian is responsible for, among other things, maintaining
a separate deposit account or accounts for cash in the name of the Trust and determining the amount of bitcoin and/or cash required