Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 83

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 83
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 variety of market risks associated with bitcoin. By concentrating its investment strategy solely
in bitcoin, any losses suffered as a result of a decrease in the value of bitcoin can be expected to reduce the value of an interest
in the Trust and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified.

An investment in the Trust may be deemed speculative
and is not intended as a complete investment program. An investment in Shares should be considered only by persons financially
able to maintain their investment and who can bear the risk of total loss associated with an investment in the Trust. Investors
should review closely the objective and strategy of the Trust and redemption rights, as discussed herein, and familiarize themselves
with the risks associated with an investment in the Trust.

The lack of active trading markets for the Shares
of the Trust may result in losses on Shareholders’ investments at the time of disposition of Shares.

Although Shares of the Trust are publicly listed and
traded on an exchange, there can be no guarantee that an active trading market for the Trust will develop or be maintained. If
Shareholders need to sell their Shares at a time when no active market for them exists, the price Shareholders receive for their
Shares, assuming that Shareholders are able to sell them, likely will be lower than the price that Shareholders would receive
if an active market did exist and, accordingly, a Shareholder may suffer losses.

Possible illiquid markets may exacerbate losses,
increase the variability between the Trust’s NAV and its market price or affect the Trust’s ability to meet cash Creation
Orders and Redemption Orders.

Bitcoin is a relatively new asset with a limited trading
history. Therefore, the markets for bitcoin may be less liquid and more volatile than other markets for more established products.
It may be difficult to execute a bitcoin trade at a specific price when there is a relatively small volume of buy and sell orders
in the bitcoin market. A market disruption can also make it more difficult to liquidate a position or find a suitable counterparty
at a reasonable cost.

Market illiquidity may cause losses for the Trust.
The large size of the positions that the Trust may acquire will increase the risk of illiquidity by both making the positions
more difficult to liquidate and increasing the losses incurred while trying to do so should the Trust need to liquidate its bitcoin,
or making it more difficult for Authorized Participants to acquire or liquidate bitcoin as part of the creation and/or redemption
of Shares of the Trust. To the