Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 76

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 76
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 loss of the entire principal of the investment.

The NAV may not always correspond to
the market price of bitcoin and, as a result, Baskets may be created or redeemed at a value that is different from the market
price of the Shares.

The NAV of the Trust will change as fluctuations
occur in the market price of the Trust’s bitcoin holdings. Shareholders should be aware that the public trading price per
Share may be different from the NAV for a number of reasons, including price volatility, trading activity, the closing of bitcoin
trading platforms due to fraud, failure, security breaches or otherwise, and the fact that supply and demand forces at work in
the secondary trading market for Shares are related, but not identical, to the supply and demand forces influencing the market
price of bitcoin.

An Authorized Participant may be able to
create or redeem a Basket at a discount or a premium to the public trading price per Share, and the Trust will therefore maintain
its intended fractional exposure to a specific amount of bitcoin per Share.

Shareholders also should note that the
size of the Trust in terms of total bitcoin held may change substantially over time and as Baskets are created and redeemed.

45 

Authorized Participants’ buying
and selling activity associated with the creation and redemption of Baskets may adversely affect an investment in the Shares of
the Trust.

Liquidity Provider’s purchases of
bitcoin in connection with Basket creation orders may cause the price of bitcoin to increase, which will result in higher prices
for the Shares. Increases in the bitcoin prices may also occur as a result of bitcoin purchases by other market participants who
attempt to benefit from an increase in the market price of bitcoin when Baskets are created. The market price of bitcoin may therefore
decline immediately after Baskets are created.

Selling activity associated with sales
of bitcoin by Liquidity Providers in connection with redemption orders may decrease the bitcoin prices, which will result in lower
prices for the Shares. Decreases in bitcoin prices may also occur as a result of selling activity by other market participants.

In addition to the effect that purchases
and sales of bitcoin by Liquidity Providers may have on the price of bitcoin, sales and purchases of bitcoin by similar investment
vehicles, including competing exchange-traded products in the United States and other global markets that do or seek to hold bitcoin,
could impact the price of bitcoin. If the price of bitcoin declines, the trading price of the Shares will generally also decline.

The inability of Liquidity Providers
to hedge their bitcoin