Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 159

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 4
Chunk 159
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 Trust and liquidate the Trust’s
bitcoin. In addition, to the extent that the Sponsor finds a suitable party but must enter into a modified Custody Agreement,
Additional Bitcoin Custody Agreement or Clearing Agreement that is less favorable for the Trust or Sponsor, the value of the
Shares could be adversely affected.

If an Authorized Participant or a Liquidity Provider suffers insolvency,
business failure or interruption, default, failure to perform, security breach, or if an Authorized Participant or a Liquidity
Provider chooses not to participate in the creation and redemption processes of the Trust due to the risks described in “-The
inability of Liquidity Providers to hedge their bitcoin exposure may adversely affect the liquidity of Shares and the value of
an investment in the Shares” and “-If the process of creation and redemption of baskets encounters any unanticipated
difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely
linked to the price of Bitcoin may not exist and, as a result, the price of the Shares may fall or otherwise diverge from NAV,”
and the Trust is unable to engage replacement Authorized Participants or Liquidity Providers on commercially acceptable terms or
at all, then the creation and redemption processes of the Trust or the arbitrage mechanism used to keep the Trust’s Shares
trading in line with NAV could be negatively affected.

Digital asset markets in the United States exist in a state of regulatory
uncertainty, and adverse legislative or regulatory developments could significantly harm the value of bitcoin or the Shares, such
as by banning, restricting or imposing onerous conditions or prohibitions on the use of bitcoins, mining activity, digital wallets,
the provision of services related to trading and custodying bitcoin, the operation of the Bitcoin network, or the digital asset
markets generally.

There is a lack of consensus regarding the regulation of digital assets,
including bitcoin, and their markets. As a result of the growth in the size of the digital asset market, as well as the 2022 Events,
the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, Office of the Comptroller of the Currency
(the “OCC”), CFTC, FINRA, the Consumer Financial Protection Bureau (“CFPB”), the Department of Justice,
the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service (“IRS”), state
financial institution regulators, and others) have been examining the operations of digital asset networks, digital asset