Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 59

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 59
---
es associated with processing a bitcoin transaction
                                         and the speed at which bitcoin transactions are settled;

35 

●the maintenance, troubleshooting, and development of
                                         the Bitcoin network including by miners and developers worldwide;

●the ability for the Bitcoin network to attract and retain
                                         miners to secure and confirm transactions accurately and efficiently;

●ongoing technological viability and security of the Bitcoin
                                         network and bitcoin transactions, including vulnerabilities against hacks and scalability;

●financial strength of market participants;

●the availability and cost of funding and capital;

●the liquidity and credit risk of digital asset trading
                                         platforms;

●interruptions in service from or closures or failures
                                         of major digital asset trading platforms or their banking partners, or outages or system
                                         failures affecting the Bitcoin network;

●decreased confidence in digital assets and digital assets
                                         trading platforms;

●poor risk management or fraud by entities in the digital
                                         assets ecosystem;

●increased competition from other forms of digital assets
                                         or payment services; and

●the Trust’s own acquisitions or dispositions of
                                         bitcoin, since there is no limit on the number of bitcoin that the Trust may acquire.

Although returns from investing in bitcoin
have at times diverged from those associated with other asset classes to a greater or lesser extent, there can be no assurance
that there will be any such divergence in the future, either generally or with respect to any particular asset class, or that
price movements will not be correlated. In addition, there is no assurance that bitcoin will maintain its value in the long, intermediate,
short, or any other term. In the event that the price of bitcoin declines, the Sponsor expects the value of the Shares to decline
proportionately.

The value of the Shares of the Trust are
represented by the MarketVectorTM Bitcoin Benchmark Rate that may also be subject to momentum pricing due to speculation
regarding future appreciation in value of bitcoin, leading to greater volatility that could adversely affect the value of the
Shares. Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing
public, accounts for future appreciation in value, if any. The Sponsor believes that momentum pricing of bitcoins has resulted,
and may continue to result, in speculation regarding future appreciation in the value of bitcoin, inflating and making the MarketVectorTM
Bitcoin Benchmark Rate more volatile. As a result, bitcoin may be more likely to fluctuate in value due to changing investor
confidence, which could impact future appreciation or