Company: HODL
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0000930413-25-001795
Chunk: 21

Company: VanEck Bitcoin ETF
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 21
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Item 2. Management’s Discussion and Analysis of
Financial Condition and Results of Operations.

This information should be read in conjunction with the
financial statements and notes to financial statements included with this report. The discussion and analysis that follows may
contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified
by terminology such as “may,” “will,” “should,” “could,” “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential”
or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included
in this report that address activities, events or developments that may occur in the future, including such matters as changes
in commodity prices and market conditions (for bitcoin and the Shares), the operations of the Trust, the plans of the Sponsor and
references to the Trust’s future success and other similar matters are forward-looking statements. These statements are only
predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made
by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well
as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform
to the Sponsor’s expectations and predictions is subject to a number of risks and uncertainties, including the special considerations
discussed in this Report, general economic, market and business conditions, changes in laws or regulations, including those concerning
taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently,
all the forward-looking statements made in this report are qualified by these cautionary statements, and there can be no assurance
that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, will result
in the expected consequences to, or have the expected effects on, the Trust’s operations or the value of the Shares issued
by the Trust. Moreover, neither the Sponsor nor any other person assumes responsibility for the accuracy or completeness of the
forward-looking statements. Neither the Trust nor the Sponsor undertakes an obligation to publicly update or conform to actual
results any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required
by law.

Introduction

The Trust is a Delaware statutory trust. The Trust does not
have directors, officers or employees. The creation and operation of the Trust has been arranged