Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 82

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 82
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 redemptions of the Shares will be available in the future, or that broker-dealers
would be willing to serve as Authorized Participants with respect to the in-kind creation and redemption of Shares. Any of these
factors could adversely affect the performance of the Trust and the value of the Shares.

The Shares may trade at a price that is at, above
or below the Trust’s NAV per Share as a result of the non-current trading hours between the Exchange and the digital asset
market. 

The Trust’s NAV per Share will fluctuate with
changes in the market value of bitcoin, and the Sponsor expects the trading price of the Shares to fluctuate in accordance with
changes in the Trust’s NAV per Share, as well as market supply and demand. However, the Shares may trade on the Exchange
at a price that is at, above or below the Trust’s NAV per Share for a variety of reasons. For example, the Exchange is open
for trading in the Shares for a limited period each day, but the digital asset market is a 24-hour marketplace. During periods
when the Exchange is closed but constituent trading platforms are open,

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significant changes in the price of bitcoin on the
digital asset market could result in a difference in performance between the value of bitcoin as measured by the Index and the
most recent NAV per Share or closing trading price. For example, if the price of bitcoin on the digital asset market, and the
value of bitcoin as measured by the Index, move significantly in a negative direction after the close of the Exchange, the trading
price of the Shares may “gap” down to the full extent of such negative price shift when the Exchange reopens. If the
price of bitcoin on the digital asset market drops significantly during hours the Exchange is closed, shareholders may not be
able to sell their Shares until after the “gap” down has been fully realized, resulting in an inability to mitigate
losses in a negative market. Even during periods when the Exchange is open, large constituent trading platforms (or a substantial
number of smaller constituent trading platforms) may be lightly traded or closed for any number of reasons, which could increase
trading spreads and widen any premium or discount on the Shares.

The Trust is subject to risks due to its concentration
of investments in a single asset class.

Unlike other funds that may invest in diversified assets,
the Trust’s investment strategy is concentrated in a single asset class: bitcoin. This concentration maximizes the degree
of the Trust’s exposure to a