Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 112

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 112
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 the Trust’s
ability to create or redeem Baskets and adversely affect the Trust’s operations and ultimately the value of the Shares.

Many of the Trust’s Authorized Participants,
now or in the future, act or may act in the same capacity for several competing exchange-traded bitcoin products. Due to balance
sheet capacity or other concerns or constraints, Authorized Participants, none of which are obligated to engage in creation and/or
redemption transactions, may not be able or willing to submit creation or redemption orders with the Trust or may do so in limited
capacities, particularly during times of heightened market trading activity or market volatility or turmoil. The inability or
unwillingness of Authorized Participants to do so could lead to the potential for the Shares to trade at premiums or discounts
to the NAV, and such premiums or discounts could be substantial.

Furthermore, if creations or redemptions are unavailable
due the inability or unwillingness of one or more of the Trust’s Authorized Participants to submit creation or redemption
orders with the Trust (or do so in a limited capacity), the arbitrage mechanism may fail to function as efficiently as it otherwise
would or be unavailable. This could result in impaired liquidity for the Shares, wider bid/ask spreads in the secondary trading
of the Shares and greater costs to investors and other market participants, all of which could cause the Sponsor to halt or suspend
the creation or redemption of Shares during such times, among other consequences.

Regulatory Risk

Digital asset markets in the United States exist
in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of
bitcoin or the Shares, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of bitcoins,
mining activity, digital wallets, the provision of services related to trading and custodying bitcoin, the operation of the Bitcoin
network, or the digital asset markets generally.

There is a lack of consensus regarding the regulation
of digital assets, including bitcoin, and their markets. As a result of the growth in the size of the digital asset market, as
well as the 2022 Events, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, Office of the
Comptroller of the Currency (the “OCC”), U.S. Commodity Futures Trading Commission (the “CFTC”), FINRA,
the Consumer Financial Protection Bureau (“CFPB”), the Department of Justice, the Department of Homeland Security,
the