Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 641

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 10
Chunk 641
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to purchase bitcoin from a liquidity provider chosen by the Sponsor. For an order to redeem baskets, the Sponsor will arrange for
the bitcoin represented by the basket to be sold to a liquidity provider chosen by the Sponsor and the cash proceeds distributed
from the Trust’s account at the cash custodian to the authorized participant in exchange for their Shares. Only authorized
participants may place orders to create and redeem baskets through the transfer agent. The transfer agent will coordinate with
the Trust’s Bitcoin Custodians to facilitate settlement of the Shares and bitcoin.

Share and capital activity is as follows:

    Year Ended December 31, 2024(a)  
    For the Period December 21, 2023 (Dateof Seeding) to December 31, 2023(a) 

    Shares  
    Amount  
    Shares  
    Amount 

    Beginning of period 
     8,000  
    $100,000  
     —  
    $— 

    Shares issued 
     63,100,000  
     1,145,143,775  
     8,000  
     100,000 

    Shares redeemed 
     (14,608,000)  
     (283,761,891)  
     —  
     — 

    Ending of period 
     48,500,000  
    $861,481,884  
     8,000  
    $100,000 

 (a) Shares amounts have been adjusted to reflect a 4 for 1 share split that occurred on February 14, 2025.

Note 6. Commitments and Contingent Liabilities

In the normal course of business, the Trust enters into contracts
that contain a variety of general indemnifications. The Trust’s maximum exposure under these agreements is unknown as this
would involve future claims that may be made against the Trust that have not yet occurred. However, the Sponsor believes the risk
of loss under these arrangements to be remote.

Note 7. Concentration Risk

Substantially all of the Trust’s assets are holdings of bitcoin,
which creates a concentration risk associated with fluctuations in the value of bitcoin due to a number of factors. Accordingly,
a decline in the value of bitcoin will have an adverse effect on the value of the Shares of the Trust. Factors that may have the
effect of causing a decline in the value of bitcoin include high volatility,