Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 119

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 119
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 making it more
difficult for investors to gain access to bitcoin, or causing certain holders of bitcoin to sell their holdings.

If regulatory changes or interpretations of an Authorized
Participant’s, Liquidity Provider’s, the Trust’s or the Sponsor’s activities require the regulation of
an Authorized Participant, Liquidity Provider, the Trust or the Sponsor as a money service business under the regulations promulgated
by FinCEN under the authority of the U.S. Bank Secrecy Act or as a money transmitter or digital asset business under state regimes
for the licensing of such businesses, an Authorized Participant, Liquidity Provider, the Trust or the Sponsor may be required
to register and comply with such regulations, which could result in extraordinary, recurring and/or nonrecurring expenses to the
Authorized Participant, Trust or Sponsor or increased commissions for the Authorized Participant’s clients, thereby reducing
the liquidity of the Shares.

To the extent that the activities of any Authorized
Participant, Liquidity Provider, the Trust or the Sponsor cause it to be deemed a “money services business” under
the regulations promulgated by FinCEN under the authority of the BSA, such Authorized Participant, Liquidity Provider, the Trust
or the

66

Sponsor may be required to comply with FinCEN regulations,
including those that would mandate the Authorized Participant, Liquidity Provider, Trust or the Sponsor to implement anti-money
laundering programs, make certain reports to FinCEN and maintain certain records. Similarly, the activities of an Authorized Participant,
Liquidity Provider, the Trust or the Sponsor may require it to be licensed as a money transmitter or as a digital asset business,
such as under NYDFS’ BitLicense regulation.

Such additional regulatory obligations may cause the
Authorized Participant, Liquidity Provider, the Trust or the Sponsor to incur extraordinary expenses. If the Authorized Participant,
Liquidity Provider, the Trust or the Sponsor decide to seek the required licenses, there is no guarantee that they will timely
receive them. The Authorized Participant or Liquidity Provider may also instead decide to terminate its role as Authorized Participant
or Liquidity Provider of the Trust, or the Sponsor may decide to terminate the Trust. Termination by the Authorized Participant
may decrease the liquidity of the Shares, which may adversely affect the value of the Shares, and any termination of the Trust
in response to the changed regulatory circumstances may be at a time that is disadvantageous to the Shareholders.

Additionally, to the extent the Authorized Participant,
Liquidity Provider,