Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 215

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 215
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 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 extent that the Trust conducts creation and redemption transactions for cash, such illiquidity
may affect the Trust’s ability to meet such cash creation and redemption orders. Any type of disruption or illiquidity will
potentially be exacerbated due to the fact that the Trust will typically invest in bitcoin, which is highly concentrated.

The Trust is an “emerging growth company”
and it cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make the Shares less
attractive to investors.

49

The Trust is an “emerging growth company”
as defined in the JOBS Act. For as long as the Trust continues to be an emerging growth company it may choose to take advantage
of certain exemptions from various reporting requirements applicable to other public companies but not to emerging public companies,
which include, among other things:

    ●
    exemption from the auditor attestation requirements under Section
    404(b) of the Sarbanes-Oxley Act;

    ●
    reduced disclosure obligations regarding executive compensation in the Trust’s
    periodic reports and audited financial statements in this Report; exemptions from the requirements of holding advisory “say-on-pay”
    votes on executive compensation and shareholder advisory votes on “golden parachute” compensation; and

    ●
    exemption from any rules requiring mandatory audit firm rotation and auditor discussion
    and analysis and, unless otherwise determined by the SEC, any new audit rules adopted by the Public Company Accounting Oversight
    Board.

The Trust could be an emerging growth
company until the last day of the fiscal year following the fifth anniversary after its initial public offering, or until the
earliest of (1) the last day of the fiscal year in which it has annual gross revenue of $1.235 billion or more, (2) the date
on which it has, during the previous three year period, issued more than $1 billion in non-convertible debt or (3) the date
on which it is deemed to be a large accelerated filer under the federal securities laws. The Trust will qualify as a large
accelerated filer as of the first day of the first fiscal year after it has (A) more than $700 million in outstanding equity
held by nonaffiliates, (B) been public for at least 12 months and (C)