Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 381

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 3
Chunk 381
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,” “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 by the Sponsor. The Trust is administered by the Trust
Agreement, among the Sponsor, the Trustee and the Delaware Trustee. The Trust is managed and controlled by the Sponsor, a wholly-owned
subsidiary of VanEck. The Sponsor is not governed by a board of directors.

The Trust’s investment objective is to reflect the performance
of bitcoin less the operating expenses of the Trust. The Trust is a passive