Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 105

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 3
Chunk 105
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 securities and commodities fraud charges, against certain of FTX’s and its affiliates’ senior executives, including
its former CEO. In addition, several other entities in the digital asset industry filed for bankruptcy following FTX’s bankruptcy
filing, such as BlockFi Inc. and Genesis Global Capital, LLC (“Genesis”). In response to these events (collectively,
the “2022 Events”), the digital asset markets have experienced extreme price volatility and other entities in the digital
asset industry have been, and may continue to be, negatively affected, further undermining confidence in the digital asset markets.
These events have also negatively impacted the liquidity of the digital asset markets as certain entities affiliated with FTX engaged
in significant trading activity. If the liquidity of the digital asset markets continues to be negatively impacted by these events,
digital asset prices, including bitcoin, may continue to experience significant volatility or price declines and confidence in
the digital asset markets may be further undermined. In addition, regulatory and enforcement scrutiny has increased, including
from, among others, the Department of Justice, the SEC, the CFTC, the White House and Congress, as well as state regulators and
authorities. These events are continuing to develop and the full facts are continuing to emerge. It is not possible to predict
at this time all of the risks that they may pose to the Trust, its service providers or to the digital asset industry as a whole.

The prices of some digital assets, including bitcoin, have fluctuated
significantly following the election of Donald Trump as president of the United States. Many expect this new administration to
facilitate a supportive regulatory approach toward the digital asset industry. Through his executive orders, President Trump has
indicated that the administration will work toward providing greater regulatory clarity for blockchain technology and digital assets,
thereby fostering their development in the United States. Similarly, the digital asset industry expects favorable legislation from
the U.S. Congress, as certain members have expressed interest in advancing digital asset specific legislation. There can be no
assurance that market expectations around future activity by the administration or

14

Congress will be fulfilled, or that digital asset prices will rise or
maintain their current levels. Some commentators have referred to the digital asset market post-President Trump’s election
as a bubble. There can be no assurance that such a bubble does not exist. The failure of the administration and Congress to provide
the expected level of regulatory clarity and support for blockchain technology and digital assets, could lead to a decline in digital
asset prices, including