Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 22

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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ations of Federal
Reserve gold certificates, and other funding mechanisms. Bills have also been introduced in several state legislatures to authorize
the acquisition of bitcoin by state governments or their instrumentalities, some of which have failed to pass. If now or in the
future, the U.S. federal government or any state government or any instrumentality thereof does not announce bitcoin acquisition
plans or does announce such plans, but these plans fall short of market expectations, the price of bitcoin may decline, which may
impact Share value. Even if government acquisitions occur or if legislation requiring acquisitions is enacted, the price of bitcoin
may decline if there are implementation challenges, unexpected difficulties, policy or legal reversals, any of which may negatively
impact Share value. Further, executive orders, such as the Order, are subject to change and can be reversed or overturned. The
enduring existence and size of the Bitcoin Reserve and Digital Asset Stockpile, and the passage and implementation of legislation
at the federal or state level, are subject to complex challenges and uncertainty that makes it difficult to evaluate their effect
on the value of bitcoin and the Shares, now or in the future. Extreme volatility in the future, including further declines in the
trading prices of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially
all of their value. The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts,
of volatility in the price of bitcoin.

Disruptions or other problems in the supply chain for bitcoin mining
hardware and difficulties in obtaining new hardware could cause harm to the Bitcoin network.

Manufacture, assembly and delivery of hardware and components for mining
operations can be complex and protracted processes, in the course of which various problems could arise, including disruptions
or delays in the supply chain, product quality control issues, as well as other external factors.

Mining operations can ordinarily only be profitable if the costs associated
with bitcoin mining, including hardware costs, are lower than the price of bitcoin itself. In the course of the normal operation
of bitcoin mining facilities, miners and other critical equipment and materials related to data center construction and maintenance,
such as containers, switch gears, transformers and cables, will experience ordinary wear and tear and may also face more significant
malfunctions. Declines in the condition of miners and other hardware will require bitcoin miners, over time, to repair or replace
those miners.

Additionally, as the technology evolves, miners may be required to