Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 35

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 the use of bitcoins, mining activity, digital wallets,
the provision of services related to trading and custodying bitcoin, the operation of the Bitcoin network, or the digital asset
markets generally.

There is a lack of consensus regarding the regulation of digital assets,
including bitcoin, and their markets. As a result of the growth in the size of the digital asset market, as well as the 2022 Events,
the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, Office of the Comptroller of the Currency
(the “OCC”), CFTC, FINRA, the Consumer Financial Protection Bureau (“CFPB”), the Department of Justice,
the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service (“IRS”), state
financial institution regulators, and others) have been examining the operations of digital asset networks, digital asset users
and the digital asset markets. Many of these state and federal agencies have brought enforcement actions or issued consumer advisories
regarding the risks posed by digital assets to investors. Ongoing and future regulatory actions with respect to digital assets
generally or bitcoin in particular may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares
or the ability of the Trust to continue to operate.

20

The 2022 Events, including among others the bankruptcy filings of FTX
and its subsidiaries, Three Arrows Capital, Celsius Network, Voyager Digital, Genesis, BlockFi and others, and other developments
in the digital asset markets, have resulted in calls for heightened scrutiny and regulation of the digital asset industry, with
a specific focus on intermediaries such as digital asset platforms, platforms, and custodians. Federal and state legislatures and
regulatory agencies may introduce and enact new laws and regulations to regulate crypto asset intermediaries, such as digital asset
platforms and custodians. The March 2023 collapses of Silicon Valley Bank, Silvergate Bank, and Signature Bank, which in some cases
provided services to the digital asset industry, may amplify and/or accelerate these trends. On January 3, 2023, the federal banking
agencies issued a joint statement on crypto-asset risks to banking organizations following events which exposed vulnerabilities
in the crypto-asset sector, including the risk of fraud and scams, legal uncertainties, significant volatility, and contagion risk.
Although banking organizations are not prohibited from crypto-asset related activities, the agencies have expressed significant
safety and soundness