Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 48

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 48
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 results in the issuance of Incidental Rights or IR Virtual Currency that the Trust may receive.
The Trust Agreement stipulates that if a fork occurs, the Sponsor shall determine which asset constitutes bitcoin and which network
constitutes the Bitcoin network, and the Sponsor will as soon as possible cause the Trust to irrevocably abandon the Incidental
Rights or IR Virtual Currency. Because the Trust will abandon any Incidental Rights and IR Virtual Currency, the Trust would not
receive any direct or indirect consideration for the Incidental Rights or IR Virtual Currency and thus the value of the Shares
will not reflect the value of the Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change this position,
an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules to permit the Trust
to distribute the Incidental Rights or IR Virtual Currency that is not bitcoin in-kind to the Sponsor, as agent for the Shareholders,
and the Sponsor would arrange to sell or otherwise dispose of the Incidental Rights or IR Virtual Currency and for the proceeds
(if any) to be distributed to the Shareholders. There can be no assurance as to whether or when the Sponsor would make such a
decision, or when the Exchange will seek or obtain this approval, if at all.

In addition to forks, a digital asset may
become subject to a similar occurrence known as an “airdrop.” In an airdrop, the promotors of a new digital asset
announce to holders of another digital asset that such holders will be entitled to claim a certain amount of the new digital asset
for free, based on the fact that they hold such other digital asset. Neither the Trust nor the Sponsor shall be under any obligation
to claim or attempt to secure or realize any economic benefit from “airdropped” assets, and the Sponsor will cause
the Trust to irrevocably and permanently abandon, for no consideration, such Incidental Rights or IR Virtual Currency. In the
event the Trust seeks to change this position, an application would need to be filed with the SEC by the Exchange seeking approval
to amend its listing rules to permit the Trust to distribute the Incidental Rights or IR Virtual Currency associated with the
airdropped assets in-kind to the Sponsor, as agent for the Shareholders, and the Sponsor would arrange to sell or otherwise dispose
of the Incidental Rights or IR Virtual Currency and for the proceeds (if any) to be distributed to the Shareholders.

With respect to any fork