Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 147

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 4
Chunk 147
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 Reserve and Digital Asset Stockpile, and the passage and implementation of legislation
at the federal or state level, are subject to complex challenges and uncertainty that makes it difficult to evaluate their effect
on the value of bitcoin and the Shares, now or in the future. Extreme volatility in the future, including further declines in the
trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially
all of their value. The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts,
of volatility in the price of bitcoin.

Disruptions or other problems in the supply chain for bitcoin mining
hardware and difficulties in obtaining new hardware could cause harm to the Bitcoin network.

Manufacture, assembly and delivery of hardware and components for mining
operations can be complex and protracted processes, in the course of which various problems could arise, including disruptions
or delays in the supply chain, product quality control issues, as well as other external factors.

Mining operations can ordinarily only be profitable if the costs associated
with bitcoin mining, including hardware costs, are lower than the price of bitcoin itself. In the course of the normal operation
of bitcoin mining facilities, miners and other critical equipment and materials related to data center construction and maintenance,
such as containers, switch gears, transformers and cables, will experience ordinary wear and tear and may also face more significant
malfunctions. Declines in the condition of miners and other hardware will require bitcoin miners, over time, to repair or replace
those miners.

Additionally, as the technology evolves, miners may be required to acquire
newer models of mining hardware and machines to remain competitive in the market. Any upgrading process may require substantial
capital investment, and miners may face challenges in doing so on a timely and cost-effective basis. The business of bitcoin miners
will be subject to limitations inherent within the supply chain of their mining hardware equipment and components, including competitive,
governmental, and legal limitations, and other events. For example, many miners will significantly rely on foreign imports to obtain
mining hardware equipment and materials. Any global trade disruption, introductions of tariffs, trade barriers and bilateral trade
frictions, together with any potential downturns in the global economy resulting, could adversely affect the necessary supply chains
for mining hardware. Depending on the magnitude of such effects on the mining hardware supply chain, shipments of parts for mining
hardware, or new mining hardware and equipment, may be delayed.

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