Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 75

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 75
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 to defend or
payments to settle such claims would be extraordinary expenses that would be borne by the Trust through the sale or transfer of
its bitcoin. Additionally, a meritorious intellectual property rights claim could prevent

44 

the Trust from operating and force the
Sponsor to terminate the Trust and liquidate its bitcoin. As a result, an intellectual property rights claim against the Trust
could adversely affect the value of the Shares.

Risk Associated with Investing in the
Trust

The value of the Shares may be influenced
by a variety of factors unrelated to the value of bitcoin.

The value of the Shares may be influenced
by a variety of factors unrelated to the price of bitcoin and the bitcoin trading platforms included in the MarketVectorTM
Bitcoin Benchmark Rate that may have an adverse effect on the price of the Shares. These factors include the following factors:

●Unanticipated problems or
                                         issues with respect to the mechanics of the Trust’s operations and the trading
                                         of the Shares may arise, including the Clearing Services, in particular due to the fact
                                         that the mechanisms and procedures governing the creation and redemption of the Shares
                                         and storage of bitcoin have been developed specifically for this product;

●The Trust could experience
                                         difficulties in operating and maintaining its technical infrastructure, including in
                                         connection with expansions or updates to such infrastructure, which are likely to be
                                         complex and could lead to unanticipated delays, unforeseen expenses and security vulnerabilities;

●The Trust could experience
                                         unforeseen issues relating to the performance and effectiveness of the security procedures
                                         used to protect the Trust’s accounts with the Bitcoin Custodian or the Additional
                                         Bitcoin Custodian, or the security procedures may not protect against all errors, software
                                         flaws or other vulnerabilities in the Trust’s technical infrastructure, which could
                                         result in theft, loss or damage of its assets; or

●Service providers may default
                                         on or fail to perform their obligations or deliver services under their contractual agreements
                                         with the Trust, or decide to terminate their relationships with the Trust, for a variety
                                         of reasons, which could affect the Trust’s ability to operate.

Any of these factors could affect the value
of the Shares, either directly or indirectly through their effect on the Trust’s assets.

The Trust is subject to market risk.

Market risk refers to the risk that the
market price of bitcoin held by the Trust will rise or fall, sometimes rapidly or unpredictably. An investment in the Shares is
subject to market risk, including the possible