Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 622

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 9C
Chunk 622
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 the Trust. Factors that may have the
effect of causing a decline in the value of bitcoin include high volatility, which could have a negative impact on the performance
of the Trust. Bitcoin platforms are relatively new and may be unregulated or may be subject to regulation in a relevant jurisdiction,
but may not be complying, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges
for other financial assets or instruments, which could have a negative impact on the performance of the Trust. The value of the
Shares depends on the development and acceptance of the bitcoin network. The slowing or stopping of the development or acceptance
of the bitcoin network may adversely affect an investment in the Trust. The price of bitcoin on the bitcoin market
has exhibited periods of extreme volatility. Digital assets such as bitcoin were only introduced within the past decade, and the
medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of block-chain
technologies and to the fundamental investment characteristics of digital

F-12

VANECK BITCOIN ETF

Notes to the Financial Statements (continued)

December 31, 2024

assets that are uncertain and difficult to evaluate. The Trust
is subject to risks due to its concentration of investments in a single asset class. Possible illiquid markets may exacerbate losses
or increase the variability between the Trust’s NAV and its market price. The amount of bitcoin represented by the Shares
may decline over time. At December 31, 2024, bitcoin with a fair value of $1,155,082,800 and $125,367,532 was held by the Bitcoin
Custodian and Additional Bitcoin Custodian, respectively.

Future and current regulations by a United States or foreign government
or quasi-governmental agency could have an adverse effect on an investment in the Trust. Shareholders do not have the protections
associated with ownership of Shares in an investment company registered under the 1940 Act or the protections afforded by the Commodity
Exchange Act. Future legal or regulatory developments may negatively affect the value of bitcoin or require the Trust or the Sponsor
to become registered with the SEC or CFTC, which may cause the Trust to liquidate.

The Exchange on which the Shares are listed may halt trading in
the Trust’s Shares, which would adversely impact a Shareholder’s ability to sell Shares. The market infrastructure
of the bitcoin spot market could result in the absence of active authorized participants able to support the trading activity of