Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 94

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 94
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is required pursuant to a facially valid subpoena, court order or binding order of a government authority; (vii) the Trust’s
Additional Bitcoin Account is subject to any pending litigation, investigation or government proceeding; or (viii) the Additional
Bitcoin Custodian reasonably suspects the Trust of attempting to circumvent the Additional Bitcoin Custodian’s controls
in a manner the Additional Bitcoin Custodian otherwise deems inappropriate or potentially harmful to itself or third parties.)
Transferring maintenance responsibilities of the Trust’s account at the Additional Bitcoin Custodian to another custodian
may be complex and could subject the Trust’s bitcoin to the risk of loss during the transfer, which could have a negative
impact on the performance of the Shares or result in loss of the Trust’s assets. Also, if the Additional Bitcoin Custodian
becomes insolvent, suffers business failure, ceases business operations, default on or fail to perform their obligations under
its contractual agreement with the Trust, or abruptly discontinue the services it provides to the Trust for any reason, the Trust’s
operations including its creation and redemption processes would be adversely affected.

The Sponsor may not be able to find a party willing
to serve as the custodian or perform clearing services under the same terms as the current Custody Agreement, Additional Bitcoin
Custody Agreement and Clearing Agreement. To the extent that Sponsor is not able to find a suitable party willing to serve as
the custodian or to perform clearing services, the Sponsor may be required to terminate the Trust and liquidate the Trust’s
bitcoin. In addition, to the extent that the Sponsor finds a

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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