Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 135

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 135
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 to Shareholders. When the Trust’s assets are sold as part of the Trust’s
liquidation, the resulting proceeds distributed to Shareholders may be less than those that may be realized in a sale outside of a liquidation
context. Shareholders may be adversely affected by redemption or creation orders that are subject to postponement, suspension or rejection
under certain circumstances.

Shareholders do not have the rights enjoyed
by investors in certain other vehicles and may be adversely affected by a lack of statutory rights and by limited voting and distribution
rights.

The Shares have limited voting rights and limited
distribution rights. For example, Shareholders do not have the right to elect directors, the Trust may enact splits or reverse splits
without Shareholder approval and the Trust is not required to pay regular distributions, although the Trust may pay distributions at the
discretion of the Sponsor.

The Sponsor and the Trustee may agree to amend
the Trust Agreement, including to increase the Sponsor Fee, without Shareholder consent. If an amendment imposes new fees and charges
or increases existing fees or charges, including the Sponsor’s Fee (except for taxes and other governmental charges, registration
fees or other such expenses), or prejudices a substantial existing right of Shareholders, it will become effective for outstanding Shares
30 days after notice of such amendment is given to registered owners. Notwithstanding the foregoing, the Sponsor shall have the right
to increase or decrease the amount of the Sponsor Fee (i) upon three (3) business days’ prior notice of the increase or decrease
being posted on the website of the Trust and (ii) upon three (3) business days’ prior written notice of the increase or decrease
being given to the Trustee. Shareholders that are not registered owners (which most shareholders will not be) may not receive specific
notice of a fee increase other than through an amendment to the prospectus. Moreover, at the time an amendment becomes effective, by continuing
to hold Shares, Shareholders are deemed to agree to the amendment and to be bound by the Trust Agreement as amended without specific agreement
to such increase (other than through the “negative consent” procedure described above).

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The Trust Agreement includes provisions that
limit Shareholders’ voting rights and restrict Shareholders’ right to bring a derivative action.

Under the Trust Agreement, Shareholders have limited
voting rights and the Trust will not have regular Shareholder meetings. Shareholders take no part in the management or control of the
Trust. Accordingly, Shareholders do not have