Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 66

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 66
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 and erroneous investment decisions based on false information.

39 

Even in the United
States, there have been allegations of wash trading even on regulated venues. Any actual or perceived false trading in the global
digital asset trading market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of
bitcoin and/or negatively affect the market perception of bitcoin. If they were to affect trading at a trading platform which
is used to calculate the MarketVectorTM Bitcoin Benchmark Rate, they could cause the Trust’s NAV to be calculated
incorrectly and cause Shareholders to suffer losses. See “—The MarketVectorTM Bitcoin Benchmark Rate may be affected
by manipulative or fraudulent practices in the global bitcoin market or at constituent trading platforms.”

To the extent that wash trading either
occurs or appears to occur in bitcoin trading platforms on which bitcoin trades, investors may develop negative perceptions about
bitcoin and the digital assets industry more broadly, which could adversely impact the price of bitcoin and, therefore, the price
of Shares. Wash trading also may place more legitimate digital asset trading platforms at a relative competitive disadvantage.

Competition from central bank digital
currencies and emerging payments initiatives involving financial institutions could adversely affect the value of bitcoins and
other digital assets.

Central banks in various countries have
introduced digital forms of legal tender (“CBDCs”). Whether or not they incorporate blockchain or similar technology,
CBDCs, as legal tender in the issuing jurisdiction, could have an advantage in competing with, or replace, bitcoin and other cryptocurrencies
as a medium of exchange or store of value. Central banks and other governmental entities have also announced cooperative initiatives
and consortia with private sector entities, with the goal of leveraging blockchain and other technology to reduce friction in
cross-border and interbank payments and settlement, and commercial banks and other financial institutions have also recently announced
a number of initiatives of their own to incorporate new technologies, including blockchain and similar technologies, into their
payments and settlement activities, which could compete with, or reduce the demand for, bitcoin. As a result of any of the foregoing
factors, the value of bitcoin could decrease, which could adversely affect an investment in the Trust.

Prices of bitcoin may be affected due
to stablecoins (including Tether and US Dollar Coin (“USDC”)), the activities of stablecoin issuers and their regulatory
treatment.

While the Trust does not invest in and
will not hold stablecoins, it may nonetheless be exposed to risks that stablecoins pose for the bitcoin market