Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 262

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 262
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 its own interests and the interests of its affiliates over the Trust and its
Shareholders. These potential conflicts include, among others, the following:

●the Sponsor has no fiduciary duties to, and is allowed to take into account the interests of parties other than, the Trust and its
Shareholders in resolving conflicts of interest, provided the Sponsor does not act in bad faith;

●the Trust has agreed to indemnify the Sponsor, the Trustee and their respective affiliates pursuant to the Trust Agreement;

●the Sponsor is responsible for allocating its own limited resources among different clients and potential future business ventures,
to each of which it may owe fiduciary duties;

●the Sponsor and its staff also service affiliates of the Sponsor, and may also service other digital asset investment vehicles, and
their respective clients and cannot devote all of its, or their, respective time or resources to the management of the affairs of the
Trust;

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●MarketVector, which is the index administrator of the MarketVectorTM Bitcoin Benchmark Rate, is an affiliate of the Sponsor;

●the Sponsor, its affiliates and their officers and employees are not prohibited from engaging in other businesses or activities, including
those that might be in direct competition with the Trust;

●affiliates of the Sponsor may start to have substantial direct investments in bitcoin, or other digital assets or companies in the
digital assets ecosystem that they are permitted to manage taking into account their own interests without regard to the interests of
the Trust or its Shareholders, and any increases, decreases or other changes in such investments could affect the Index price and, in
turn, the value of the Shares;

●the Sponsor decides whether to retain separate counsel, accountants or others to perform services for the Trust;

●the Sponsor may appoint an agent to act on behalf of the Shareholders which may be the Sponsor or an affiliate of the Sponsor;

●VanEck is a minority interest holder in the parent company of Gemini Trust Company, LLC, which is the Bitcoin Custodian, representing
less than 1% of its equity. The Bitcoin Custodian serves as a fiduciary and custodian on the Trust’s behalf, and is responsible
for safeguarding the bitcoin, and holding the private keys that provide access to the bitcoin in the Trust’s Bitcoin Account.

By purchasing the Shares, Shareholders agree and
consent to the provisions set forth in the Trust Agreement.

Shareholders cannot be assured of the Sponsor’s
continued services, the discontinuance of which may be detrimental to the Trust.