Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 202

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 202
---
 MarketVectorTM Bitcoin Benchmark Rate provides
a U.S. dollar-denominated composite index for the price of bitcoin based on, at any given time, the prices on each such constituent
trading platforms or pricing source may not be equal to the value of a bitcoin as represented by the Index. It is possible that
the price of bitcoins on the bitcoin trading platforms could be materially higher or lower than the MarketVectorTM
Bitcoin Benchmark Rate price. To the extent the MarketVectorTM Bitcoin Benchmark Rate price differs materially from
the actual prices available on a bitcoin trading platforms used to calculate it, or the global market price of bitcoin, the price
of the Shares may no longer track, whether temporarily or over time, the global market price of bitcoin, which could adversely
affect an investment in the Trust by reducing investors’ confidence in the Shares’ ability to track the market price
of bitcoins. To the extent such prices differ materially from the MarketVectorTM Bitcoin Benchmark Rate, investors
may lose confidence in the Shares’ ability to track the market price of bitcoins, which could adversely affect the value
of the Shares.

If the MarketVectorTM Bitcoin
Benchmark Rate is not available, the Trust’s holdings may be fair valued in accordance with the policy approved by the Sponsor.
To the extent the valuation determined in accordance with the policy approved by the Sponsor differs materially from the actual
market price of bitcoin, the price of the Shares may no longer track, whether temporarily or over time, the global market price
of bitcoin, which could adversely affect an investment in the Trust by reducing investors’ confidence in the Shares’
ability to track the global market price of bitcoins. To the extent such prices differ materially from the market

42 

price for bitcoin, investors may lose confidence
in the Shares’ ability to track the market price of bitcoins, which could adversely affect the value of the Shares.

Marketvector has analyzed bitcoin trading
platform data and developed insights that have informed Marketvector’s understanding of the bitcoin market and the design
of the Trust. If such data or insights are inaccurate or incorrect, the value of an investment in the trust may be adversely affected.

MarketVector has relied upon bitcoin market
data in developing its analysis of the bitcoin market. This analysis has informed MarketVector’s understanding of the bitcoin
market, the design of the Trust and the design of the MarketVectorTM Bitcoin Benchmark Rate. The continued viability
of the Trust relies upon access to accurate data, and MarketVector’s continued ability to effectively analyze such data.
If