Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 74

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 74
---
 trust may not be consistent with GAAP. To the extent that
the Trust’s financial statements are determined using a different pricing source that is consistent with GAAP, the net asset
value reported in the Trust’s periodic financial statements may differ, in some cases significantly, from the Trust’s
net asset value determined using the MarketvectorTM Bitcoin Benchmark Rate Pricing.

The Trust will determine the NAV of the
Trust on each Business Day based on the value of bitcoin as reflected by the MarketVectorTM Bitcoin Benchmark Rate.
The methodology used to calculate the MarketVectorTM Bitcoin Benchmark Rate to value bitcoin in determining the net
asset value of the Trust may not be deemed consistent with GAAP. To the extent the methodology used to calculate the MarketVectorTM
Bitcoin Benchmark Rate is deemed inconsistent with GAAP, the Trust will utilize a GAAP-consistent pricing source for purposes
of the Trust’s periodic financial statements. Creation and redemption of Baskets, the Sponsor’s management fee and
other expenses borne by the Trust will be determined using the Trust’s net asset value determined daily based on the MarketVectorTM
Bitcoin Benchmark Rate. Such net asset value of the Trust determined using the MarketVectorTM Bitcoin Benchmark
Rate may differ, in some cases significantly, from the net asset value reported in the Trust’s periodic financial statements.

The Sponsor can remove the MarketvectorTM
Bitcoin Benchmark Rate and use a different pricing or valuation methodology instead.

Under the Trust Agreement, the Sponsor
has the exclusive authority to select, remove, change, or replace the pricing or valuation methodology or policies used to value
the Trust’s assets and determine NAV and NAV per Share, in its sole discretion. The Sponsor has the right to change the
pricing source used to determine NAV and NAV per Share from the MarketVectorTM Bitcoin Benchmark Rate to a different
source or index. To the extent that there are material changes to the pricing or valuation methodology or policies or the pricing
source described within this paragraph, notification will be made to Shareholders via a prospectus supplement and/or a current
report filed with the SEC.

Intellectual property rights claims
may adversely affect the Trust and the value of the Shares.

The Sponsor is not aware of any intellectual
property rights claims that may prevent the Trust from operating and holding bitcoin. However, third parties may assert intellectual
property rights claims relating to the operation of the Trust and the mechanics instituted for the investment in, holding of and
transfer of bitcoin. Regardless of the merit of an intellectual property or other legal action, any legal expenses