Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 123

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 123
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 is not subject to U.S. regulation, and may be less reliable than U.S. exchanges.

Barring cash creations and redemptions, or a liquidation
of the Trust, the Trust does not purchase or sell bitcoin. To the extent any of the Trust’s trading is conducted on bitcoin
trading platforms outside the United States, trading on such exchanges is not regulated by any U.S. governmental agency and may
involve certain risks not applicable to trading on U.S. exchanges. Certain foreign markets may be more susceptible to disruption
than U.S. exchanges. These factors could adversely affect the performance of the Trust.

Regulatory changes or actions in foreign jurisdictions
may affect the value of the Shares or restrict the use of bitcoin, mining activity or the operation of their networks or the global
bitcoin markets in a manner that adversely affects the value of the Shares.

Various foreign jurisdictions have, and may continue
to adopt laws, regulations or directives that affect digital asset networks (including the Bitcoin network), the digital asset
markets (including the bitcoin market), and their users, particularly digital asset exchanges and service providers that fall
within such jurisdictions’ regulatory scope. For example, if China or other foreign jurisdictions were to ban or otherwise
restrict manufacturers’ ability to produce or sell semiconductors or hard drives in connection with bitcoin mining, it would
have a material adverse effect on digital asset networks (including the Bitcoin network), the digital asset market, and as a result,
impact the value of the Shares.

A number of foreign jurisdictions have recently taken
regulatory action aimed at digital asset activities. China has made transacting in cryptocurrencies illegal for Chinese citizens
in mainland China, and additional restrictions may follow. Both China and South Korea have banned initial coin offerings entirely
and regulators in other jurisdictions, including Canada, Singapore and Hong Kong, have opined that initial coin offerings may
constitute securities offerings subject to local

68

securities regulations. In May 2021,
the Chinese government announced renewed efforts to restrict cryptocurrency trading and mining activities. Regulators in the
Inner Mongolia and other regions of China have proposed regulations that would create penalties for companies engaged in
cryptocurrency mining activities and introduce heightened energy saving requirements on industrial parks, data centers and
power plants providing electricity to cryptocurrency miners. The United Kingdom’s Financial Conduct Authority published
final rules in October 2020 banning the sale of derivatives and exchange traded notes that reference certain types of digital
assets, contending that they are “ill-suited” to retail