Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 78

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 78
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in the future, to a variety of other litigation. Although the Trust does not presently anticipate such an outcome, there can be
no assurance that in the future Coinbase Inc. or Coinbase Custody, as Bitcoin Custodian, will not be required, as a result of a
judicial determination, or will not choose, to restrict or curtail the services they offer, or their financial condition and ability
to provide services to the Trust, will not be negatively affected.

19

Alternatively, the Sponsor could decide to replace the Additional Bitcoin
Custodian as a custodian of the Trust’s bitcoin, pursuant to the Additional Custodial Services Agreement (the “Additional
Bitcoin Custody Agreement”). Similarly, the Additional Bitcoin Custodian could terminate services under the Additional Bitcoin
Custody Agreement for any reason and without Cause upon providing the applicable notice to the Trust for any reason, or immediately
for Cause (“Cause” is defined in the Additional Bitcoin Custody Agreement as (i) the Trust breaches any provision of
the Additional Bitcoin Custody Agreement and such breach is not cured within three (3) business days after notice of such breach
is given to the Trust in the case of a payment-related breach or is not cured within ten (10) business days after notice of such
breach is given to the Trust; (ii) the Trust takes any action to dissolve or liquidate (iii) the Trust becomes insolvent, makes
an assignment for the benefit of creditors, becomes subject to direct control of a trustee, receiver or similar authority; (iv)
the Trust becomes subject to any bankruptcy or insolvency proceeding; (v) the Additional Bitcoin Custodian becomes aware of any
facts or circumstances with respect to the Trust’s financial, legal, regulatory or reputational position which reasonably
would materially adversely affect The Trust’s ability to comply with its obligations under the Additional Bitcoin Custody
Agreement, and such facts and circumstances cannot be cured within five (5) business days; (vi) termination is required pursuant
to a facially valid subpoena, court order or binding order of a government authority; (vii) the Trust’s Additional Bitcoin
Account is subject to any pending litigation, investigation or government proceeding; or (viii) the Additional Bitcoin Custodian
reasonably suspects the Trust of attempting to circumvent the Additional Bitcoin Custodian’s controls in a manner the Additional
Bitcoin Custodian otherwise deems inappropriate or potentially harmful to itself or third parties.) Transferring maintenance responsibilities
of the Trust’s account at