Company: HODL
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000930413-25-002440
Chunk: 35

Company: VanEck Bitcoin ETF
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 3
Chunk 35
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Item 3. Quantitative and Qualitative
Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

The duly authorized officers of the Sponsor performing functions
equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any
officers have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the
disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable
assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules
and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent
to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers,
as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system
of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls
and procedures.

There were no changes in the Trust’s internal control
over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably
likely to materially affect, the Trust’s internal control over financial reporting.

13

Part II. OTHER INFORMATION.

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

Except as set forth below, there have been no material changes
to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the period ended
December 31, 2024, filed with the Securities and Exchange Commission on March 26, 2025.

Digital Asset Treasury Companies Risk

In recent times, a number of companies engaged
in businesses outside the digital assets industry have begun to hold their corporate treasuries in digital assets instead of in
fiat currency (“digital asset treasury companies”). In some cases, these companies have raised funds through financing
or securities offerings and applied the proceeds to purchase digital assets, including bitcoin.

Digital asset treasury companies are a relatively
new phenomenon and it is impossible to predict all of the risks they could pose to the Trust. On the one hand, digital asset treasury
companies may increase procyclical dynamics in the market because they may purchase digital assets