Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 40

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 40
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 have experienced extreme price volatility
and other entities in the digital asset industry have been, and may continue to be, negatively affected, further undermining confidence
in the digital asset markets. These events have also negatively impacted the liquidity of the digital asset markets as certain
entities affiliated with FTX engaged in significant trading activity. If the liquidity of the digital asset markets continues to
be negatively impacted by these events, digital asset prices, including bitcoin, may continue to experience significant volatility
or price declines and confidence in the digital asset markets may be further undermined. In addition, regulatory and enforcement
scrutiny has increased, including from, among others, the Department of Justice, the SEC, the CFTC, the White House and Congress,
as well as state regulators and authorities. These events are continuing to develop and the full facts are continuing to emerge.
It is not possible to predict at this time all of the risks that they may pose to the Trust, its service providers or to the digital
asset industry as a whole.

The prices for some digital assets including
bitcoin have risen following the election of Donald Trump as president of the United States. Some expect the new administration
to adopt a more constructive attitude toward the digital assets industry than prior administrations were perceived to have done
and work toward providing greater regulatory clarity and certainty for emerging technologies including blockchain technology and
digital assets, thereby fostering their development. Certain members of Congress have also expressed similar sentiments. To the
extent market expectations about future activity by the administration or Congress lead digital assets prices and valuations to
increase, there can be no assurance such expectations will be fulfilled, or that digital asset prices will rise or maintain their
current levels. Some commentators have referred to this as a bubble. There can be no assurance that such a bubble does not currently
exist. The failure of the administration and Congress to provide greater regulatory clarity and certainty for blockchain technology
and digital assets, such as through promulgating a regulatory framework governing the issuance and operation of digital assets
that lives up to industry expectations, could lead to a decline in prices for digital assets including bitcoin, which could cause
declines in the value of the Shares and cause Shareholders to suffer losses. Moreover, there can be no assurance that political
winds or market perceptions of them will not shift over time.

23

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