Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 104

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 104
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 five million U.S. dollars ($5,000,000.00 USD).

In general, the Additional Bitcoin Custodian is not
liable under the Additional Bitcoin Custody Agreement unless in the event of its negligence, fraud, material violation of applicable
law or willful misconduct. The Additional Bitcoin Custodian is not liable for delays, suspension of operations, failure in performance,
or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Additional
Bitcoin Custodian. Furthermore, the insurance maintained by the Additional Bitcoin Custodian may be insufficient to cover its
liabilities to the Trust.

The Additional Bitcoin Custodian requires up to twenty-four
(24) hours between any request to withdraw bitcoin from the Trust’s Additional Bitcoin Account and submission of the Trust’s
withdrawal to the Bitcoin network. It may be necessary to retrieve certain information from offline storage in order to facilitate
a withdrawal in accordance with the Trust’s instructions, which may delay the initiation or crediting of such withdrawal
from the Trust’s Additional Bitcoin Account. Bitcoin shall not be deposited or withdrawn upon less than twenty-four (24)
hours’ notice initiated from the Trust’s Additional Bitcoin Account. The time of such request shall be the time such
notice is transmitted from the Trust’s Additional Bitcoin Account. In the context of the foregoing and during such twenty-four
(24) hours’ notice period, the Additional Bitcoin Custodian makes no representations or warranties with respect to the availability
and/or accessibility of (1) the bitcoin, (2) a Custody Transaction (as defined in the Additional Bitcoin Custody Agreement, which
includes a deposit or withdrawal), (3) the Additional Bitcoin Account, or (4) the Custodial Services (as defined in the Additional
Bitcoin Custody Agreement). While the Additional Bitcoin Custodian will make reasonable efforts to process client initiated deposits
in a timely manner, the Additional Bitcoin Custodian makes no representations or warranties regarding the amount of time needed
to complete processing of deposits as such processing is dependent upon many factors outside of the Additional Bitcoin Custodian’s
control.

Moreover, in the event of an insolvency or bankruptcy
of the Bitcoin Custodian or the Additional Bitcoin Custodian in the future, given that the contractual protections and legal rights
of customers with respect to digital assets held on their behalf by third parties are relatively untested in a bankruptcy of an
entity such as the Bitcoin Custodian and the Additional Bitcoin Custodian in the virtual currency industry, there is a risk that
customers