Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 270

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 270
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 certain circumstances.

The Trust may, in its discretion, suspend the right
of creation or redemption or may postpone the redemption or purchase settlement date, for (1) any period during which the Exchange is
closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) any period during
which an emergency exists as a result of which the fulfillment of a purchase order or the redemption distribution is not reasonably practicable
(for example, as a result of a significant technical failure, power outage, or network error), or (3) such other period as the Sponsor
determines to be necessary for the protection of the Shareholders of the Trust (for example, where acceptance of the Basket Deposit would
have certain adverse tax consequences to the Trust or its Shareholders). In addition, the Trust may reject a redemption order if (1) the
order is not in proper form as described in the Authorized Participant Agreement, (2) the fulfillment of the order counsel advises may
be illegal under applicable laws and regulations, or (3) if circumstances outside the control of the Sponsor, the person authorized to
take redemption orders in the manner provided in the Authorized Participant Agreement, Cash Custodian or the Bitcoin Custodian make it
for all practical purposes not feasible for the Shares to be delivered or the redemption distribution to be made. Any such postponement,
suspension or rejection could adversely affect a redeeming Authorized Participant. Suspension of creation privileges may adversely impact
how the

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Shares are traded and arbitraged on the secondary
market, which could cause them to trade at levels materially different (premiums and discounts) from the fair value of their underlying
holdings.

If such a suspension or postponement occurs at
a time when an Authorized Participant intends to redeem Shares, and the price of bitcoin decreases before such Authorized Participant
is able again to surrender for redemption Baskets, such Authorized Participant will sustain a loss with respect to the amount that it
would have been able to obtain in exchange for the bitcoin received from the Trust upon the redemption of its Shares, had the redemption
taken place when such Authorized Participant originally intended it to occur. As a consequence, Authorized Participants may reduce their
trading in Shares during periods of suspension, decreasing the number of potential buyers of Shares in the secondary market and, therefore,
decreasing the price a Shareholder may receive upon sale.

Shareholders may be adversely affected by an
overstatement or understatement of the NAV Calculation of the Trust due to