Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 713

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 14
Chunk 713
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 NAV of the number of Shares
included in the baskets being created (or redeemed).

The Trust creates and redeems Shares, but only in one or more baskets.
Baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of bitcoin represented
by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the

F-11

VANECK BITCOIN ETF

Notes to the Financial Statements (continued)

December 31, 2024

number of Shares included in the baskets being created or redeemed
determined as of 4:00 p.m. EST on the day the order to create or redeem baskets is properly received. For an order to create baskets,
an authorized participant will deliver cash to the Trust’s account at the cash custodian, which the Sponsor will then use
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