Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 269

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 269
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, action or proceeding, including any claim under the U.S. federal securities laws, to the fullest extent
permitted by applicable law. If a lawsuit is brought against the Trust, it may be heard only by a judge or justice of the applicable trial
court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would
have, including results that could be less favorable to the plaintiffs in any such action. No Shareholder can waive compliance with respect
to the U.S. federal securities laws and the rules and regulations promulgated thereunder.

If a Shareholder opposed a jury trial demand based
on the waiver, the applicable court would determine whether the waiver was enforceable based on the facts and circumstances of that case
in accordance with applicable federal laws. To our knowledge, the enforceability of a contractual pre-dispute jury trial waiver in connection
with claims arising under the U.S. federal securities laws has not been finally adjudicated by the U.S. Supreme Court. However, we believe
that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of Delaware,
which govern the Trust Agreement. By purchasing Shares in the Trust, Shareholders waive a right to a trial by jury which may limit a Shareholder’s
ability to bring a claim in a judicial forum that it finds favorable for disputes with the Trust.

An investment in the Trust may be adversely affected by competition
from other investment vehicles focused on bitcoin or other cryptocurrencies.

The Trust will compete with direct investments
in bitcoin, other cryptocurrencies, Bitcoin Futures, and other potential financial vehicles, possibly including securities backed by or
linked to cryptocurrency and other investment vehicles that focus on other digital assets. Market and financial conditions, and other
conditions beyond the Trust’s control, may make it more attractive to invest in other vehicles, which could adversely affect the
performance of the Trust.

Shareholders cannot be assured of the Sponsor’s
continued services, the discontinuance of which may be detrimental to the Trust.

Shareholders cannot be assured that the Sponsor
will be able to continue to service the Trust for any length of time. If the Sponsor discontinues its activities on behalf of the Trust,
the Trust may be adversely affected, as there may be no entity servicing the Trust for a period of time. Such an event could result in
termination of the Trust.

Shareholders may be adversely affected by creation
or redemption orders that are subject to postponement, suspension or rejection under