Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 70

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 70
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 in the digital asset market.
However, the SEC has repeatedly denied such requests. If exchange-listing requests continue to be denied by the SEC, increased
investment interest by institutional or retail investors could fail to materialize, which could reduce the demand for digital
assets generally and therefore adversely affect the value of the Shares.

Risks Associated with the MarketVectorTM
Bitcoin Benchmark Rate

The MarketVectorTM Bitcoin
Benchmark Rate has a limited history.

The MarketVectorTM Bitcoin Benchmark
Rate was developed by MarketVector and has a limited history. MarketVector has substantial discretion at any time to change the
methodology used to calculate the MarketVectorTM Bitcoin Benchmark Rate, including the constituent trading platforms
that contribute prices to the Trust’s NAV. MarketVector does not have any obligation to take the needs of the Trust, the
Trust’s Shareholders, or anyone else into consideration in connection with such changes. There is no guarantee that the
methodology currently used in calculating the MarketVectorTM Bitcoin Benchmark Rate will appropriately track the price
of bitcoin in the future.

The MarketVectorTM Bitcoin Benchmark
Rate is based on various inputs which may include price data from various third-party trading platforms and markets. MarketVector
does not guarantee the validity of any of these inputs, which may be subject to technological error, manipulative activity, or
fraudulent reporting from their initial source. The MarketVectorTM Bitcoin Benchmark Rate could be calculated now or
in the future in a way that adversely affects an investment in the Trust.

The MarketvectorTM Bitcoin
Benchmark Rate could fail to track the global bitcoin price, and a failure of the MarketvectorTM Bitcoin Benchmark
Rate could adversely affect the value of the Shares.

Although the MarketVectorTM
Bitcoin Benchmark Rate is intended to accurately capture the market price of bitcoin, third parties may be able to purchase and
sell bitcoin on public or private markets not included among the constituent trading platforms used in calculating the MarketVectorTM
Bitcoin Benchmark Rate, and such transactions may take place at prices materially higher or lower than the MarketVectorTM
Bitcoin Benchmark Rate. Moreover, there may be variances in the prices of bitcoin on the various constituent trading platforms
used in calculating the MarketVectorTM Bitcoin Benchmark Rate, including as a result of differences in fee structures
or administrative procedures on different trading platforms. While the MarketVectorTM Bitcoin Benchmark Rate provides
a U.S. dollar-denominated composite index for the price of bitcoin based on, at any given time, the prices on each such constituent
trading platforms or