Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 85

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 85
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 subject to periodic reporting obligations
are required to comply, if such accounting standards apply to non-reporting companies. However, the Trust has chosen to opt out
of this extended transition period for complying with new or revised accounting standards. Section 107 of the JOBS Act provides
that the decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

The Trust cannot predict if investors will find an
investment in the Trust less attractive if it relies on these exemptions.

Several factors may affect the Trust’s ability
to achieve its investment objective on a consistent basis.

There is no guarantee that the Trust will meet its
investment objective. Factors that may affect the Trust’s ability to meet its investment objective include, without limitation:
(1) Liquidity Providers’ ability and willingness to purchase and sell bitcoin in an efficient manner to effectuate creation
and redemption orders; (2) transaction fees associated with the Bitcoin network; (3) the bitcoin market becoming illiquid or disrupted;
(4) the Trust’s Share prices being rounded to the nearest cent and/or valuation methodologies; (5) the need to conform the
Trust’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (6)
early or unanticipated closings of the markets on which bitcoin trades, resulting in the inability of Liquidity Providers to execute
intended portfolio transactions; (7) accounting standards; (8) Authorized Participants refraining from participating in creation
and redemption of Baskets; and (9) the MarketVectorTM Bitcoin Benchmark Rate becoming disrupted or unavailable.

The amount of bitcoin represented by the Shares
will decline over time.

The amount of bitcoin represented by the Shares will
continue to be reduced during the life of the Trust due to the transfer of the Trust’s bitcoin to pay for the Sponsor Fee,
and to pay for litigation expenses or other extraordinary expenses. This dynamic will occur irrespective of whether the trading
price of the Shares rises or falls in response to changes in the price of bitcoin.

50

Each outstanding Share represents a fractional, undivided
interest in the bitcoin held by the Trust. The Trust does not generate any income and transfers bitcoin to pay for the Sponsor
Fee, and to pay for litigation expenses or other extraordinary expenses. Therefore, the amount of bitcoin represented by each
Share will gradually decline over time. This is also true with respect to Shares that are issued in exchange for additional deposits
of bitcoin over time, as the amount of bitcoin required to create Shares