Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 169

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 4
Chunk 169
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 its utility as a payment system, which could decrease the price of digital assets generally or individually.
    Further, the lack of availability of banking services, including those provided by the Cash Custodian or the financial institutions
    at which the Bitcoin Custodian maintains the cash credited to the Trust’s Fiat Account, could inhibit or prevent the
    Trust from being able to complete cash creations or redemptions, or the timely liquidation of bitcoin even if the Sponsor
    determined that such liquidation were appropriate or suitable.

    ●
    Users, developers and miners may otherwise switch to or adopt certain
    digital assets at the expense of their engagement with other digital asset networks, which may negatively impact those networks,
    including the Bitcoin network.

    ●
    As the Bitcoin network continues to develop and grow, certain technical
    issues might be uncovered and the trouble shooting and resolution of such issues requires the attention and efforts of bitcoin’s
    global development community. Like all software, the Bitcoin network is at risk of vulnerabilities and bugs that can potentially
    be exploited by malicious actors. For example, in 2010, the Bitcoin network underwent a hard fork to reverse the effects of
    a hack in which an unknown attacker took advantage of a software vulnerability in the early source code of the Bitcoin network
    to fraudulently mint a large amount of bitcoin.

    ●
    The acceptance of software patches or upgrades by a significant, but
    not overwhelming, percentage of the users and miners in a digital asset network, such as the Bitcoin network, could result
    in a “fork” in such network’s blockchain, including the Bitcoin Blockchain, resulting in the operation of
    multiple separate networks.

    ●
    In August 2017, the Bitcoin network underwent a hard fork that resulted
    in the creation of a new digital asset network called Bitcoin Cash. This hard fork was contentious, and as a result some users
    of the Bitcoin Cash network may harbor ill will toward the Bitcoin network. These users may attempt to negatively impact the
    use or adoption of the Bitcoin network, as could constituencies adversely impacted by any contentious hard forks that take
    place in the future.

24

    ●
    Also in August 2017, the Bitcoin network was upgraded with a technical
    feature known as “Segregated Witness” with the promise of increasing the number of transactions per second that
    can be handled on-chain and enabling so-called second layer solutions, such as the Lightning Network or payment