Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 189

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 189
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ets

The value of the Shares relates directly
to the value of bitcoins, the value of which may be highly volatile and subject to fluctuations due to a number of factors. 

34 

The value of the Shares relates directly
to the value of the bitcoins held by the Trust and fluctuations in the price of bitcoin could adversely affect the value of the
Shares. The market price of bitcoin may be highly volatile, and subject to a number of factors, including:

●an increase in the global bitcoin supply or a decrease
                                         in global bitcoin demand;

●market conditions of, and overall sentiment towards,
                                         the digital assets and blockchain technology industry;

●trading activity on digital asset trading platforms,
                                         which, in many cases, may be unregulated, may be subject to regulation in a relevant
                                         jurisdiction, but may not be complying, or may be subject to manipulation;

●the adoption of bitcoin as a medium of exchange, store-of-value
                                         or other consumptive asset and the maintenance and development of the open-source software
                                         protocol of the Bitcoin network, and their ability to meet user demands;

●forks in the Bitcoin network;

●investors’ expectations with respect to interest
                                         rates, the rates of inflation of fiat currencies or bitcoin, and digital asset exchange
                                         rates;

●consumer preferences and perceptions of bitcoin specifically
                                         and digital assets generally;

●negative events, publicity, and social media coverage
                                         relating to the digital assets and blockchain technology industry;

●fiat currency withdrawal and deposit policies on digital
                                         asset trading platforms;

●the liquidity of digital asset markets and any increase
                                         or decrease in trading volume or market making on digital asset markets;

●business failures, bankruptcies, hacking, fraud, crime,
                                         government investigations, or other negative developments affecting digital asset businesses,
                                         including digital asset trading platforms, or banks or other financial institutions and
                                         service providers which provide services to the digital assets industry;

●the use of leverage in digital asset markets, including
                                         the unwinding of positions, “margin calls,” collateral liquidations and similar
                                         events;

●investment and trading activities of large or active
                                         consumer and institutional users, speculators, miners, and investors in bitcoin;

●an active derivatives market for bitcoin or for digital
                                         assets generally;

●monetary policies of governments, legislation or regulation,
                                         trade restrictions, currency devaluations and revaluations and regulatory measures or
                                         enforcement actions, if any, that restrict the use of bitcoin as a