Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 177

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 4
Chunk 177
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 fork, airdrop or similar
event that results in the issuance of Incidental Rights or IR Virtual Currency that the Trust may receive. The Trust Agreement
stipulates that if a fork occurs, the Sponsor shall determine which asset constitutes bitcoin and which network constitutes the
Bitcoin network, and the Sponsor will as soon as possible cause the Trust to irrevocably abandon the Incidental Rights or IR Virtual
Currency. Because the Trust will abandon any Incidental Rights and IR Virtual Currency, the Trust would not receive any direct
or indirect consideration for the Incidental Rights or IR Virtual Currency and

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thus the value of the Shares will not reflect the value of the Incidental
Rights or IR Virtual Currency. In the event the Trust seeks to change this position, an application would need to be filed with
the SEC by the Exchange seeking approval to amend its listing rules to permit the Trust to distribute the Incidental Rights or
IR Virtual Currency that is not bitcoin in-kind to the Sponsor, as agent for the Shareholders, and the Sponsor would arrange to
sell or otherwise dispose of the Incidental Rights or IR Virtual Currency and for the proceeds (if any) to be distributed to the
Shareholders. There can be no assurance as to whether or when the Sponsor would make such a decision, or when the Exchange will
seek or obtain this approval, if at all.

In addition to forks, a digital asset may become subject to a similar
occurrence known as an “airdrop.” In an airdrop, the promotors of a new digital asset announce to holders of another
digital asset that such holders will be entitled to claim a certain amount of the new digital asset for free, based on the fact
that they hold such other digital asset. Neither the Trust nor the Sponsor shall be under any obligation to claim or attempt to
secure or realize any economic benefit from “airdropped” assets, and the Sponsor will cause the Trust to irrevocably
and permanently abandon, for no consideration, such Incidental Rights or IR Virtual Currency. In the event the Trust seeks to change
this position, an application would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules to
permit the Trust to distribute the Incidental Rights or IR Virtual Currency associated with the airdropped assets in-kind to the
Sponsor, as agent for the Shareholders, and the Sponsor would arrange to sell or otherwise dispose of the Incidental Rights or
IR Virtual Currency and for the proceeds