Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 222

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part II, Item 1A
Chunk 222
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Item 1A. Risk Factors.

Except as set forth below, there have been no material changes to the
Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the period ended December
31, 2024, filed with the Securities and Exchange Commission on March 26, 2025.

 The trading prices of many digital assets,
including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future,
including further declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and
the Shares could lose all or substantially all of their value.

The trading prices of many digital assets, including bitcoin, have experienced
extreme volatility in recent periods and may continue to do so. The average annualized one-year trailing volatility of bitcoin
over the past ten years to date remains elevated at 65%. Over the course of 2021, there were steep increases in the value of certain
digital assets, including bitcoin, and multiple market observers asserted that digital assets were experiencing a “bubble.”
These increases were followed by steep drawdowns throughout 2022 in digital asset trading prices, including for bitcoin. In the
2021-2022 cycle, the price of bitcoin peaked at $67,734 and bottomed at $15,632, representing a 77% drawdown. These episodes of
rapid price appreciation followed by steep drawdowns have occurred multiple times throughout bitcoin’s history, including
in 2011, 2013-2014, and 2017-2018, before repeating again in 2021-2022. Digital asset prices have continued to fluctuate in 2025.
For example, bitcoin lost approximately 14% of its value according to some sources in mid-October 2025 as part of wider digital
asset market turmoil, widely attributed to global trade tensions, which triggered a number of dislocations in the digital asset
market (the “October 2025 Flash Crash”), including liquidations of up to $20 billion in collateral in the form of various
digital assets (including, but not limited to, bitcoin) securing trades (particularly perpetual futures contracts and various forms
of financing transactions), along with reported service interruptions, halted orders, forced unwinding of trades, and other issues,
across centralized and decentralized exchanges.

Extreme volatility may persist, and the value of the Shares may significantly
decline in the future