Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 230

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 230
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Bitcoin Custodian will, as soon as practicable, return to the Trust a quantity of the same digital asset that is equal to the
quantity of digital assets involved in the Loss, or return to the Trust a quantity of the same fiat currency that is equal to
the quantity of fiat currency involved in the Loss (if the Loss involved the Fiat Account). However, the Trust does not control
the Bitcoin Custodian and cannot guarantee that the Bitcoin Custodian will perform its obligations to the Trust under the Custody
Agreement, in a timely manner or at all. The Custody Agreement provides that (i) the Bitcoin Custodian does not own or control
the underlying software protocols of networks which govern the operation of digital assets (including the Bitcoin Blockchain),
(ii) the Bitcoin Custodian makes no guarantees regarding their security, functionality, or availability, and (iii) in no event
shall the Bitcoin Custodian be liable for or in connection with any acts, decisions, or omissions made by developers or promoters
of digital assets, including bitcoin.  

Similarly, under the Clearing Agreement, the Bitcoin
Custodian’s liability in connection with the Clearing Services is limited as follows, among others: the Bitcoin Custodian
does not have any responsibility for any sale or purchase of bitcoin for cash to a Liquidity Provider through the Clearing Services
(such a transaction, a “Clearing Transaction”), other than as specifically identified in the Clearing Agreement. The
Bitcoin Custodian may rely upon, without liability on its part, any clearing request submitted through Gemini’s platform.
Absent gross negligence, willful misconduct or fraud, the Bitcoin Custodian shall not be liable for any loss resulting from a
clearing request or the use of Clearing Services. Validation and confirmation procedures used by Gemini are designed only to verify
the source of clearing requests and that each party has met its respective obligations in respect of a clearing request and not
to detect errors in the content of a clearing request or to prevent duplicate clearing requests. The Trust is responsible for
losses resulting from clearing requests provided by it and for any errors made by or on behalf of the Trust, any errors resulting,
directly or indirectly, from fraud or the duplication of any clearing request by or on behalf of the Trust, or any losses resulting
from the malfunctioning of any devices used by the Trust or loss or compromise of credentials used by the Trust to deliver clearing
requests. The Bitcoin Custodian may reject, refuse to settle or otherwise not complete any request