Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 49

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 49
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, airdrop or similar
event, the Sponsor will cause the Trust to irrevocably abandon the Incidental Rights and any IR Virtual Currency associated with
such event. As such, Shareholders will not receive the benefits of any forks, and the Trust is not able to participate in any
airdrop.

Even if required regulatory approval is
sought and obtained, Shareholders may not receive the benefits of any forks, airdrops, or similar events, the Trust may not choose,
or be able, to participate in an airdrop, and the timing of receiving any benefits from a fork, airdrop or similar event is uncertain.
Any inability to recognize the economic benefit of a hard fork or airdrop could adversely affect the value of the Shares.

In the event of a hard fork of the Bitcoin
network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine which network should
be considered the appropriate network for the Trust’s purposes, and in doing so may adversely affect the value of the Shares.

In the event of a hard fork of the Bitcoin
network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its discretion to determine, in good faith, which
peer-to-peer network, among a group of

29 

incompatible forks of the Bitcoin network,
is generally accepted as the Bitcoin network and should therefore be considered the appropriate network for the Trust’s
purposes. The Sponsor will base its determination on a variety of then relevant factors, including, but not limited to, the Sponsor’s
beliefs regarding expectations of the core developers of bitcoin, users, service providers, businesses, miners and other constituencies,
as well as the actual continued acceptance of, mining power on, and community engagement with, the Bitcoin network. There is no
guarantee that the Sponsor will choose the digital asset that is ultimately the most valuable fork, and the Sponsor’s decision
may adversely affect the value of the Shares as a result. The Sponsor may also disagree with Shareholders, security vendors and
MarketVector on what is generally accepted as bitcoin and should therefore be considered “bitcoin” for the Trust’s
purposes, which may also adversely affect the value of the Shares as a result.

A hard fork could change the source
code to the bitcoin network, including the 21 million bitcoin supply cap.

In principle a hard fork could change the
source code for the Bitcoin network, including the source code which limits the supply of