Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 134

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 134
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 regulation, but are not regulated in the same manner as traditional stock and bond
exchanges. If these exchanges do not operate smoothly or face technical, security or regulatory issues, that could impact the ability
of Authorized Participants to make markets in the Shares. In such an event, trading in the Shares could occur at a material premium or
discount against the NAV.

Shareholders that are not Authorized Participants
may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may
adversely affect Shareholders’ investment in the Shares.

74

Only Authorized Participants may create or redeem
Baskets. All other Shareholders that desire to purchase or sell Shares must do so through the Exchange or in other markets, if any, in
which the Shares may be traded. Shares may trade at a premium or discount to the NAV per Share.

As the Sponsor and its management have limited
history of operating investment vehicles like the Trust, their experience may be inadequate or unsuitable to manage the Trust.

The past performances of the Sponsor’s management
in other investment vehicles are no indication of their ability to manage an investment vehicle such as the Trust. If the experience of
the Sponsor and its management is inadequate or unsuitable to manage an investment vehicle such as the Trust, the operations of the Trust
may be adversely affected.

Furthermore, the Sponsor is currently engaged in
the management of other investment vehicles which could divert their attention and resources. If the Sponsor were to experience difficulties
in the management of such other investment vehicles that damaged the Sponsor or its reputation, it could have an adverse impact on the
Sponsor’s ability to continue to serve as Sponsor for the Trust.

The Sponsor is leanly staffed and relies heavily
on key personnel.

The Sponsor is leanly staffed and relies heavily
on key personnel to manage its activities. These key personnel intend to allocate their time managing the Trust in a manner that they
deem appropriate. If such key personnel were to leave or be unable to carry out their present responsibilities, it may have an adverse
effect on the management of the Sponsor.

The Trust is new, and if it is not profitable,
the Trust may terminate and liquidate at a time that is disadvantageous to Shareholders.

The Trust is new. If the Trust does not attract
sufficient assets to remain open, then the Trust could be terminated and liquidated at the direction of the Sponsor. Termination and liquidation
of the Trust could occur at a time that is disadvantageous