Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 133

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 133
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Neither the Shareholders nor any Authorized Participant
or Liquidity Provider have a right under the Custody Agreement to assert a claim against the Bitcoin Custodian. Claims under the Custody
Agreement may only be asserted by the Sponsor on behalf of the Trust.

The Exchange on which the Shares are listed
may halt trading in the Trust’s Shares, which would adversely impact a Shareholder’s ability to sell Shares.

The Trust’s Shares have been approved for
listing, subject to notice of issuance, on the Exchange under the market symbol “HODL.” Trading in Shares may be halted due
to market conditions or, in light of the Exchange rules and procedures, for reasons that, in the view of the Exchange, make trading in
Shares inadvisable. In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant to “circuit
breaker” rules that require trading to be halted for a specified period based on a specified market decline. Additionally, there
can be no assurance that the requirements necessary to maintain the listing of the Trust’s Shares will continue to be met or will
remain unchanged.

The liquidity of the Shares may also be affected
by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the Shares.

In the event that one or more Authorized Participants
or market makers that have substantial interests in the Trust’s Shares withdraw or “step away” from participation in
the purchase (creation) or sale (redemption) of the Trust’s Shares, the liquidity of the Shares will likely decrease, which could
adversely affect the market price of the Shares and result in Shareholders incurring a loss on their investment.

The market infrastructure of the bitcoin spot
market could result in the absence of active Authorized Participants able to support the trading activity of the Trust.

Bitcoin is extremely volatile, and concerns exist
about the stability, reliability and robustness of many trading platforms where bitcoin trade. In a highly volatile market, or if one
or more exchanges supporting the bitcoin market faces an issue, it could be extremely challenging for any Authorized Participants to provide
continuous liquidity in the Shares. There can be no guarantee that the Sponsor will be able to find an Authorized Participant to actively
and continuously support the Trust.

Bitcoin spot exchanges are not subject to same
regulatory oversight as traditional equity exchanges, which could negatively impact the ability of Authorized Participants to implement
arbitrage mechanisms.

The trading for spot bitcoin occurs on multiple
trading venues that have various levels and types of