Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 109

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 109
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 the value of the Shares.

If the Sponsor determines in good faith that the MarketVectorTM
Bitcoin Benchmark Rate does not reflect an accurate bitcoin price, then the Sponsor will instruct the Administrator to employ
an alternative method to determine the fair value of the Trust’s assets. There are no predefined criteria to make a good
faith assessment as to which of the rules the Sponsor will apply and the Sponsor may make this determination in its sole discretion.
The Administrator may calculate the NAV in a manner that ultimately inaccurately reflects the price of bitcoin. To the extent
that the Trust’s NAV and the Trust’s NAV per Share, the MarketVectorTM Bitcoin Benchmark Rate, or the Administrator’s
or the Sponsor’s other valuation methodology are incorrectly calculated, neither the Sponsor, the Administrator nor the
Trustee may be liable for any error and such misreporting of valuation data could adversely affect the value of the Shares and
investors could suffer a substantial loss on their investment in the Trust. Moreover, the terms of the Trust Agreement do not
prohibit the Sponsor from changing the index used to calculate NAV or other valuation method used to calculate the net asset value
of the Trust. Any such change in the index or other valuation method could affect the value of the Shares and investors could
suffer a substantial loss on their investment in the Trust.

To the extent the methodology used to calculate the
MarketVectorTM Bitcoin Benchmark Rate is deemed not to be consistent with GAAP, the Trust’s periodic financial
statements may not utilize the Trust’s NAV or the Trust’s NAV per Share. For purposes of the Trust’s financial
statements, the Trust will utilize a pricing source that is consistent with GAAP, as of the financial statement measurement date.
The Sponsor will

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determine in its sole discretion the valuation sources
and policies used to prepare the Trust’s financial statements. To the extent that such valuation sources and policies used
to prepare the Trust’s financial statements result in an inaccurate price, the value of the Shares could be adversely affected
and investors could suffer a substantial loss on their investment in the Trust. Moreover, the terms of the Trust Agreement do
not prohibit the Sponsor from changing the valuation method used to calculate the net asset value to be reported in the Trust’s
financial statements. Any such change in such valuation method could affect the value of the Shares and investors could suffer
a substantial loss on their investment in the Trust.

The value of the Shares will be adversely affected
if the Trust is required to indemnify the Sponsor, the