Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 93

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 93
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 identified digital assets that the SEC’s complaint alleges are securities, (ii) that Coinbase Inc. has violated
the Securities Act by failing to register with the SEC the offer and sale of its staking program, and (iii) that Coinbase Global
is jointly and severally liable as a control person under the Exchange Act for Coinbase Inc.’s violations of the Exchange
Act to the same extent as Coinbase Inc. The SEC’s complaint seeks a permanent injunction against the Relevant Coinbase Entities
to prevent them from violations of the Exchange Act or Securities Act, disgorgement, civil monetary penalties, and such other
relief as the court deems appropriate or necessary. While the Additional Bitcoin Custodian is not named in the complaint, if Coinbase
Global, as the parent of the Additional Bitcoin Custodian, is required, as a result of a judicial determination, or could choose,
to restrict or curtail the services its subsidiaries provide to the Trust, or its financial condition is negatively affected,
it could negatively affect the Trust’s ability to operate.

Alternatively, the Sponsor could decide to replace
the Additional Bitcoin Custodian as a custodian of the Trust’s bitcoin, pursuant to the Additional Custodial Services Agreement
(the “Additional Bitcoin Custody Agreement”). Similarly, the Additional Bitcoin Custodian could terminate services
under the Additional Bitcoin Custody Agreement for any reason and without Cause upon providing the applicable notice to the Trust
for any reason, or immediately for Cause (“Cause” is defined in the Additional Bitcoin Custody Agreement as (i) the
Trust breaches any provision of the Additional Bitcoin Custody Agreement and such breach is not cured within three (3) business
days after notice of such breach is given to the Trust in the case of a payment-related breach or is not cured within ten (10)
business days after notice of such breach is given to the Trust; (ii) the Trust takes any action to dissolve or liquidate (iii)
the Trust becomes insolvent, makes an assignment for the benefit of creditors, becomes subject to direct control of a trustee,
receiver or similar authority; (iv) the Trust becomes subject to any bankruptcy or insolvency proceeding; (v) the Additional Bitcoin
Custodian becomes aware of any facts or circumstances with respect to the Trust’s financial, legal, regulatory or reputational
position which reasonably would materially adversely affect The Trust’s ability to comply with its obligations under the
Additional Bitcoin Custody Agreement, and such facts and circumstances cannot be cured within five (5) business days; (vi) termination