Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 89

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 89
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 to the Trust by Liquidity
Providers and from the Trust in connection with creations and redemptions and to pay the Sponsor Fee and extraordinary Trust expenses,
and in extraordinary circumstances, to liquidate the Trust. If the Bitcoin Custodian fails to perform the functions it performs
for the Trust, the Trust may be unable to operate or create or redeem Baskets, which could force the Trust to liquidate or adversely
affect the price of the Shares.

The Sponsor could decide to replace the Bitcoin Custodian
as the custodian of the Trust’s bitcoins, pursuant to the Custody Agreement. Similarly, the Bitcoin Custodian under the
Custody Agreement and Clearing Agreement may terminate the Custody Agreement and Clearing Agreement respectively upon providing
the applicable notice to the Trust for any reason, or immediately, upon the occurrence of a Termination Event (as defined below)
that is incapable of being cured within ten business days or if it determines in its sole discretion it is necessary to take such
action to comply with applicable laws and regulations or in connection with Gemini’s fraud or other compliance program.
Under the Custody Agreement, a “Termination Event” occurs when (i) any representation, warranty, certification or
statement made by the Trust was or becomes incorrect in any material respect when made; (ii) the Trust materially breaches, or
fails in any material respect to perform any of its obligations under the Custody Agreement; (iii) the Trust requests a postponement
of maturity or a moratorium with respect to any indebtedness or is adjudged bankrupt or insolvent, or there is commenced against
the Trust a case under any applicable bankruptcy,

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insolvency or other similar law now or hereafter in
effect, or the Trust files a petition for bankruptcy or an application for an arrangement with its creditors, seeks or consents
to the appointment of a receiver, administrator or other similar official for all or any substantial part of its property, admits
in writing its inability to pay its debts as they mature, or takes any corporate action in furtherance of any of the foregoing,
or fails to meet applicable legal minimum capital requirements; or (iv) a change of control of the Trust, or an event, change
or development that causes or is likely to cause a material adverse effect on the Trust, or in the ability of the Trust to fulfill
its responsibilities under the Custody Agreement, occurs. Transferring maintenance responsibilities of the Trust’s account
at the Bitcoin Custodian to another custodian may be