Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 175

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 4
Chunk 175
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 Blockchain typically would be addressed by community-led efforts to merge the forked Bitcoin Blockchains, and several
prior forks have been so merged. Since the Bitcoin network’s inception, modifications to the Bitcoin network have generally
been accepted by the majority of users and miners, ensuring that the Bitcoin network remains a coherent economic system and the
focal point of the majority of developer activity. There is no assurance, however, that this will continue to be the case, and
if it is not, then the price of bitcoin could be negatively affected. The original blockchain and the forked blockchain could potentially
compete with each other for users, developers, and miners, leading to a loss of these for the original blockchain. A fork of any
kind could adversely affect an investment in the Trust or the ability of the Trust to operate and the Trust’s procedures
may be inadequate to address the effects of a fork.

Additionally, a fork could be introduced by an unintentional, unanticipated
software flaw in the multiple versions of otherwise compatible software miners and users run. It is also possible that, in a future
accidental or unintentional fork, a substantial number of users and miners could adopt an incompatible version of the digital asset
while resisting community-led efforts to merge the two blockchains, resulting in a permanent fork. Any of these events could cause
bitcoin to decline in value.

Furthermore, a hard fork can lead to new security concerns. For example,
when the Ethereum and Ethereum Classic networks split in July 2016, replay attacks, in which transactions from one network were
rebroadcast to nefarious effect on the other network, plagued digital assets exchanges through at least October 2016. A digital
assets exchange announced in July 2016 that it had lost 40,000 Ether Classic, worth about $100,000 at that time, as a result of
replay attacks. Another possible result of a hard fork is an inherent decrease in the level of security due to significant amounts
of mining power remaining on one network or migrating instead to the new forked network. After a hard fork, it may become easier
for an individual miner or mining pool’s hashing power to exceed 50% of the processing power of the network that retained
or attracted less mining power, thereby making digital assets that rely on that network, which could include bitcoin, more susceptible
to attack. Any of these events could cause the Bitcoin network to be less attractive to potential users, or cause a decline in
speculative interest, and thereby cause