Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 172

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 172
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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 Trust is not actively managed and will not take any actions to take advantage,
or mitigate the impacts, of volatility in the price of bitcoin.

24

The value of the Shares is subject to
a number of factors relating to the fundamental investment characteristics of bitcoin as a digital asset, including the fact that
digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result
in permanent loss of the asset, and the capabilities and development of blockchain technologies such as the bitcoin blockchain. 

Digital assets such as bitcoin were only
introduced within the past 16 years, and the value of the Shares is subject to a number of factors over time relating to the capabilities
and development of blockchain technologies, such as the recentness of their development, their dependence on the internet and
other technologies, their dependence on the role played by users, developers and miners and the potential for malicious activity.
Given the recentness of the development of digital asset networks, digital assets may not function as intended and parties may
be unwilling to use digital assets, which would dampen the growth, if any, of digital asset networks. Because bitcoin is a digital
asset, the value of the Shares is subject to a number of factors relating to the fundamental investment characteristics of digital
assets, including the fact that digital assets are bearer instruments and loss, theft, compromise, or destruction of the associated
private keys could result in permanent loss of the asset.

The Bitcoin network, including the cryptographic
and algorithmic protocols associated with the operation of the Bitcoin Blockchain, has only been in existence since 2009, and
bitcoin markets have a limited performance record, making them part of a new and rapidly evolving industry that is subject to
a variety of factors that are difficult to evaluate. For example, the following are some of the risks could materially adversely
affect the value of the Shares:

●Digital assets, including bitcoin, are controllable only
                                         by the possessor of both the unique public key and private key or keys relating to the
                                         Bitcoin network address, or “wallet,” at which the digital asset is held.
                                         Private keys must be safeguarded and kept private in order to prevent a third party from
                                         accessing the digital asset held in such wallet. The loss, theft,