Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 88

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 88
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to evaluate. For example, the following are some of the risks could materially adversely affect the value of the Shares:

    ●
    Digital assets, including bitcoin, are controllable only by the possessor
    of both the unique public key and private key or keys relating to the Bitcoin network address, or “wallet,” at
    which the digital asset is held. Private keys must be safeguarded and kept private in order to prevent a third party from
    accessing the digital asset held in such wallet. The loss, theft, compromise or destruction of a private key required to access
    a digital asset may be irreversible. If a private key is lost, stolen, destroyed or otherwise compromised and no backup of
    the private key is accessible, the owner would be unable to access the digital asset corresponding to that private key and
    the private key will not be capable of being restored by the digital asset network resulting in the total loss of the value
    of the digital asset linked to the private key.

    ●
    Digital asset networks are dependent upon the internet. A disruption
    of the internet, or major telecommunications and internet service providers, or a digital asset network, such as the Bitcoin
    network, could affect the ability to transfer digital assets, including bitcoin, and, consequently, could negatively impact
    their value. In addition, data center hosting and cloud services providers play a crucial role in the global Internet economy.
    Many of the Trust’s service providers conduct their business operations and processes using cloud providers and third-party
    data center hosting facilities, including Amazon Web Services, Google Cloud, Microsoft Azure, and other cloud services. In
    October 2025, news outlets reported that Amazon Web Services and Microsoft Azure both suffered significant service interruptions
    which caused disruptions to some of their cloud services customers. Any disruptions or failures of the Sponsor’s systems
    or the third-party hosting facility or cloud services that the Sponsor uses, or may use in the future, or of the Trust’s
    service providers’ systems or the third party hosting facilities or cloud services that they use, or may use in the
    future, including as a result of a natural disaster, fire, cyberattack, act of terrorism, geopolitical conflict, pandemic,
    the effects of climate change, or other catastrophic event, as well as power outages, service disruptions or interruptions,
    scheduled or unscheduled downtime, software or hardware defects, telecommunications infrastructure outages, a decision to
    close such facilities or cease providing