Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 66

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 66
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 approach toward the digital asset industry. Through his executive orders, President Trump has
indicated that the administration will work toward providing greater regulatory clarity for blockchain technology and digital assets,
thereby fostering their development in the United States. Similarly, the digital asset industry expects favorable legislation from
the U.S. Congress, as certain members have expressed interest in advancing digital asset specific legislation. There can be no
assurance that market expectations around future activity by the administration or

14

Congress will be fulfilled, or that digital asset prices will rise or
maintain their current levels. Some commentators have referred to the digital asset market post-President Trump’s election
as a bubble. There can be no assurance that such a bubble does not exist. The failure of the administration and Congress to provide
the expected level of regulatory clarity and support for blockchain technology and digital assets, could lead to a decline in digital
asset prices, including bitcoin. Such a decline could cause a decline in the value of the Shares and cause Shareholders to suffer
losses. Moreover, there can be no assurance that political dynamics and sentiments toward the digital asset industry, or market
perceptions of those sentiments, will not unfavorably shift over time.

On March 6, 2025, President Trump issued an executive order for the
“Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile” (the “Order”).
The Order requires the Secretary of the U.S. Department of Treasury to establish two offices to administer and maintain a “Strategic
Bitcoin Reserve” (the “Bitcoin Reserve”) and a U.S. Digital Asset Stockpile (the “Digital Asset Stockpile”),
respectively. The Bitcoin Reserve will be capitalized with bitcoin forfeited as part of U.S. criminal or civil proceedings or in
satisfaction of penalties imposed by executive agencies. The Digital Asset Stockpile will be capitalized initially with other digital
assets forfeited as part of criminal or civil asset forfeiture proceedings. This development has led to expectations within the
bitcoin market that the United States may begin acquiring and holding bitcoin. The Order directs the Secretaries of the U.S. Treasury
Department and the U.S. Department of Commerce to develop budget-neutral strategies for acquiring additional bitcoin for the Bitcoin
Reserve. Legislation has been introduced in the U.S. Senate and the U.S. House of Representatives, which would direct the acquisition
of one million bitcoin by the federal government over a five-year period, which would be held in trust in secure storage by the
U.S.