Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 122

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 122
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 U.S. economic
sanctions laws.

In addition, the Trust will only accept creations and
redemption requests from regulated Authorized Participants who themselves are subject to applicable sanctions and anti-money laundering
laws and have compliance programs that are designed to ensure compliance with those laws.In addition, the Liquidity Providers
are contractually obligated to have policies and procedures reasonably designed to comply with the money laundering and related
provisions of the BSA and implementing regulations, and applicable sanctions laws. The Trust will not hold any bitcoin except
those that have been delivered by a Liquidity Provider in connection with creation requests.

Each of the Bitcoin Custodian and the Additional Bitcoin
Custodian have adopted and implemented an anti-money laundering and sanctions compliance program, which provides additional protections
to ensure that the Sponsor and the Trust do not transact with a sanctioned party. Notably, the Bitcoin Custodian performs Know-Your-Transaction
(“KYT”) screening using blockchain analytics to identify, detect, and mitigate the risk of transacting with a sanctioned
or other unlawful actor. Pursuant to the Bitcoin Custodian’s KYT program, any bitcoin that is delivered to the Trust’s
Custody Account will undergo screening to ensure that the origins of that bitcoin are not illicit. The Additional Bitcoin Custodian’s
BSA/AML program includes robust internal policies, procedures and controls that combat the attempted use of the Additional Bitcoin
Custodian for illegal or illicit purposes, including a customer identification program, annual training of all employees and officers
in anti-money laundering obligations and requirements, filing of Suspicious Activity Reports with the U.S. Financial Crimes Enforcement
Network and annual independent audits of the Additional Bitcoin Custodian’s anti-money laundering program.

There is no guarantee that such procedures will always
be effective. If the Authorized Participants or Liquidity Providers have inadequate policies, procedures and controls for complying
with applicable anti-money laundering and applicable sanctions laws or the Trust’s diligence or procedures are ineffective,
violations of such laws could result, which could result in regulatory liability for the Trust, the Sponsor, the Trustee or their
affiliates under such laws, including governmental fines, penalties, and other punishments, as well as potential liability to
or cessation of services by the Bitcoin Custodian, the Additional Bitcoin Custodian, Liquidity
Providers or the Trust’s other service providers and counterparties. Any of the foregoing could result in losses to the
Shareholders or negatively affect the Trust’s ability to operate.

Trading on bitcoin exchanges outside the United
States