Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 228

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 228
---
missions made by developers of the Bitcoin network. The Bitcoin Custodian is not liable for any losses or claims arising out
of actions that are in the Trust’s control and related to the Trust’s use of the Bitcoin Custodian’s online
platform, including but not limited to, the Trust’s failure to follow security protocols, the Bitcoin Custodian’s
platform controls, improper instructions, failure to secure the Trust’s credentials from third parties, or anything else
in the Trust’s control and is also not liable for any amount greater than the value of the assets on deposit in Trust’s
account at the Bitcoin Custodian at the time of, and directly relating to, the events giving rise to the liability occurred, the
value of which shall be determined in accordance with the Chicago Mercantile Exchange Bitcoin Reference Rate or any successor
thereto. The Bitcoin Custodian is not liable to the Trust (whether under contract, tort (including negligence) or otherwise) for
any indirect, incidental, special, punitive or consequential losses suffered or incurred by the Trust (whether or not any such
losses were foreseeable). The Bitcoin Custodian is not liable to the Trust or anyone else for any loss or injury resulting directly
or indirectly from any damage or interruptions caused by any computer viruses, spyware, scamware, trojan horses, worms, or other
malware that may affect the Trust’s computer or other equipment, provided such malware did not originate from the Bitcoin
Custodian or its agents. The Custody Agreement’s “Force Majeure” provision provides that the Bitcoin Custodian
is not liable for delays, suspension of operations, failure in performance, or interruption of service to the extent it is directly
due to a cause or condition beyond the reasonable control of the Bitcoin Custodian including, but not limited to, any act of God,
nuclear or natural disaster, epidemic, action or inaction of civil or military authorities, act of war, terrorism, sabotage, civil
disturbance, strike or other labor dispute, accident, or state of emergency; provided, however, that for the avoidance of doubt,
the Custody Agreement’s Force Majeure provision shall not apply in respect of System Failures or Downtime, which are subject
to other respective provisions of the Custody Agreement. The occurrence of an event described in the Force Majeure provision shall
not affect the validity and enforceability of any remaining provisions of the Custody Agreement.

In the event of potential losses incurred by the Trust
as