Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 94

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 94
---
 Act requires the
safekeeping and proper valuation of fund assets, restricts greatly transactions with affiliates, limits leveraging, and imposes
governance requirements as a check on fund management.

The Trust is not registered as an investment company under the 1940
Act, and the Sponsor believes that the Trust is not required to register under such act. Consequently, Shareholders do not have
the regulatory protections provided to investors in investment companies.

The Trust will not hold or trade in commodity interests (as currently
defined) regulated by the CEA, as administered by the CFTC. Furthermore, the Sponsor believes that the Trust is not a commodity
pool for purposes of the CEA, and that neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a commodity
pool operator or a commodity trading advisor in connection with the operation of the Trust. Consequently, Shareholders will not
have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools. However, Congress is currently
considering legislation, such as the Digital Asset Market Clarity Act of 2025 (CLARITY Act), which could give the CFTC greater
powers to regulate the spot digital asset market. It is possible that, if legislation is passed, it could require the Trust or
the Sponsor, or service providers to the Trust, such as the Liquidity Provider, Authorized Participant, Bitcoin Custodian, or Additional
Bitcoin Custodian among others, to register with the CFTC. Such additional regulatory obligations may cause the Trust, the Trustee,
the Sponsor, Liquidity Provider, Authorized Participant, Bitcoin Custodian, or Additional Bitcoin Custodian to incur extraordinary
expenses. If the Trust, the Trustee, the Sponsor, Liquidity Provider, Authorized Participant, Bitcoin Custodian, or Additional
Bitcoin Custodian decided to seek the required licenses, there is no guarantee that they will timely receive them. The Trustee
may decide to discontinue and wind up the Trust. A dissolution of the Trust in response to the changed regulatory circumstances
may be at a time that is disadvantageous to the Shareholders. A Liquidity Provider may also instead decide to terminate its role
as a Liquidity Provider of the Trust, which may decrease the liquidity of the Shares.

A temporary or permanent “fork” of the bitcoin blockchain
could adversely affect an investment in the Trust. Shareholders will not receive the benefits of any forks or airdrops.

Bitcoin software is open source. Any user can download the software,