Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 143

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 4
Chunk 143
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Item 4. Controls and Procedures.

The duly authorized officers of the Sponsor performing functions
equivalent to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any
officers have evaluated the effectiveness of the Trust’s disclosure controls and procedures, and have concluded that the
disclosure controls and procedures of the Trust were effective as of the end of the period covered by this report to provide reasonable
assurance that information required to be disclosed in the reports that the Trust files or submits under the Securities Exchange
Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the applicable rules
and forms, and that it is accumulated and communicated to the duly authorized officers of the Sponsor performing functions equivalent
to those a principal executive officer and principal financial officer of the Trust would perform if the Trust had any officers,
as appropriate to allow timely decisions regarding required disclosure.

There are inherent limitations to the effectiveness of any system
of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls
and procedures.

There were no changes in the Trust’s internal control over
financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely
to materially affect, the Trust’s internal control over financial reporting.

13

Part II. OTHER INFORMATION.

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

Except as set forth below, there have been no material changes to the
Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the period ended December
31, 2024, filed with the Securities and Exchange Commission on March 26, 2025.

 The trading prices of many digital assets,
including bitcoin, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future,
including further declines in the trading prices of bitcoin, could have a material adverse effect on the value of the Shares and
the Shares could lose all or substantially all of their value.

The trading prices of many digital assets, including bitcoin, have experienced
extreme volatility in recent periods and may continue to do so. The average annualized one-year trailing volatility of bitcoin
over the past ten years to date remains elevated at 65%. Over the course of 2021, there were steep increases in the value of certain
digital assets, including bitcoin, and multiple market observers