Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 72

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 72
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 used to calculate the value of the Trust’s bitcoin may be volatile, adversely affecting the value of the
Shares.

The price of bitcoin on public digital
asset trading platforms has a limited history, and during this history, bitcoin prices on the digital asset markets more generally,
and on digital asset exchanges individually, have been volatile and subject to influence by many factors, including operational
interruptions. While the MarketVectorTM Bitcoin Benchmark Rate is designed to limit exposure to the interruption of
individual digital asset trading platforms, the MarketVectorTM Bitcoin Benchmark Rate, and the price of bitcoin generally,
remains subject to volatility experienced by digital asset trading platforms, and such volatility could adversely affect the value
of the Shares.

Furthermore, because the number of liquid
and credible bitcoin trading platforms is limited, the MarketVectorTM Bitcoin Benchmark Rate will necessarily be composed
of a limited number of bitcoin trading platforms. If a bitcoin trading platform were subjected to regulatory, volatility or other
pricing issues, in the case of the MarketVectorTM Bitcoin Benchmark Rate, the calculation agent would have limited
ability to remove such bitcoin trading platform from the MarketVectorTM Bitcoin Benchmark Rate, which could skew the
price of bitcoin as represented by the MarketVectorTM Bitcoin Benchmark Rate. Trading on a limited number of bitcoin
trading platform may result in less favorable prices and decreased liquidity of bitcoin and, therefore, could have an adverse
effect on the value of the Shares.

The MarketvectorTM Bitcoin
Benchmark Rate may be affected by manipulative or fraudulent practices in the global bitcoin market or at constituent trading
platforms.

The global bitcoin market may be subject
to fraud and manipulation, see “—Due to the unregulated nature and lack of transparency surrounding the operations
of bitcoin trading platforms, which may be subject to regulation in a relevant jurisdiction, but may not be complying, they may
experience fraud, manipulation, security failures or operational problems, which may adversely affect the value of bitcoin and,
consequently, the value of the Shares,” and the MarketVectorTM Bitcoin Benchmark Rate may be affected to the
extent they cause global prices of bitcoin to be subject to factors other than bona fide market forces.

Fraud or manipulation may also affect the
constituent trading platforms used to calculate the MarketVectorTM Bitcoin Benchmark Rate. For example, Coinbase paid
$6.5 million in 2021 to settle a CFTC enforcement action for reckless false, misleading, or inaccurate reporting as well as wash
trading by a former employee on Coinbase’s GD