Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 120

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 3
Chunk 120
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financial institution regulators, and others) have been examining the operations of digital asset networks, digital asset users
and the digital asset markets. Many of these state and federal agencies have brought enforcement actions or issued consumer advisories
regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect to digital assets
generally or bitcoin in particular may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares
or the ability of the Trust to continue to operate.

20

The 2022 Events, including among others the bankruptcy filings of FTX
and its subsidiaries, Three Arrows Capital, Celsius Network, Voyager Digital, Genesis, BlockFi and others, and other developments
in the digital asset markets, have resulted in calls for heightened scrutiny and regulation of the digital asset industry, with
a specific focus on intermediaries such as digital asset platforms, platforms, and custodians. Federal and state legislatures and
regulatory agencies may introduce and enact new laws and regulations to regulate crypto asset intermediaries, such as digital asset
platforms and custodians. The March 2023 collapses of Silicon Valley Bank, Silvergate Bank, and Signature Bank, which in some cases
provided services to the digital asset industry, may amplify and/or accelerate these trends. On January 3, 2023, the federal banking
agencies issued a joint statement on crypto-asset risks to banking organizations following events which exposed vulnerabilities
in the crypto-asset sector, including the risk of fraud and scams, legal uncertainties, significant volatility, and contagion risk.
Although banking organizations are not prohibited from crypto-asset related activities, the agencies have expressed significant
safety and soundness concerns with business models that are concentrated in crypto-asset related activities or have concentrated
exposures to the crypto-asset sector.

U.S. federal and state regulators, as well as the White House, have
issued reports and releases concerning crypto assets, including bitcoin and crypto asset markets. Further, in 2023 the House of
Representatives formed two new subcommittees: the Digital Assets, Financial Technology and Inclusion Subcommittee and the Commodity
Markets, Digital Assets, and Rural Development Subcommittee, each of which were formed in part to analyze issues concerning crypto
assets and demonstrate a legislative intent to develop and consider the adoption of federal legislation designed to address the
perceived need for regulation of and concerns surrounding the crypto industry. However, the extent and content of any forthcoming
laws and regulations