Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 74

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 74
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Termination Event” occurs when (i) any representation,
warranty, certification or statement made by the Trust was or becomes incorrect in any material respect when made; (ii) the
Trust materially breaches, or fails in any material respect to perform any of its obligations under the Custody Agreement;
(iii) the Trust requests a postponement of maturity or a moratorium with respect to any indebtedness or is adjudged bankrupt
or insolvent, or there is commenced against the Trust a case under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect, or the Trust files a petition for bankruptcy or an application for an arrangement with its
creditors, seeks or consents to the appointment of a receiver, administrator or other similar official for all or any
substantial part of its property, admits in writing its inability to pay its debts as they mature, or takes any corporate
action in furtherance of any of the foregoing, or fails to meet applicable legal minimum capital requirements; or (iv) a
change of control of the Trust, or an event, change or development that causes or is likely to cause a material adverse
effect on the Trust, or in the ability of the Trust to fulfill its responsibilities under the Custody Agreement, occurs.
Transferring maintenance responsibilities of the Trust’s account at the Bitcoin Custodian to another custodian may be
complex and could subject the Trust’s bitcoin to the risk of loss during the transfer, which could have a negative
impact on the performance of the Shares or result in loss of the Trust’s assets. Also, if the Bitcoin Custodian becomes
insolvent, suffers business failure, ceases business operations, defaults on or fails to perform its obligations under the
Custody Agreement or Clearing Agreement with the Trust, or abruptly discontinues the services it provides to the Trust for
any reason, the Trust’s operations would be adversely affected.

On October 19, 2023, Gemini, the Bitcoin Custodian for the Trust, was
named in a complaint filed by the New York Attorney General (“NYAG Lawsuit”) against Gemini and other entities, including
Genesis and its affiliates (collectively, the “Genesis Entities”) in a New York state court, alleging, inter alia,
that Gemini had violated New York’s Martin Act by soliciting money from the public, including persons in New York, with false
assurances that an investment program called Gemini Earn, pursuant to which customers of Gemini could deposit money in Earn accounts