Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 746

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 16
Chunk 746
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would involve future claims that may be made against the Trust that have not yet occurred. However, the Sponsor believes the risk
of loss under these arrangements to be remote.

Note 7. Concentration Risk

Substantially all of the Trust’s assets are holdings of bitcoin,
which creates a concentration risk associated with fluctuations in the value of bitcoin due to a number of factors. Accordingly,
a decline in the value of bitcoin will have an adverse effect on the value of the Shares of 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