Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 132

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 132
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 Trust and a substitute sponsor is not appointed, the Trust will terminate and liquidate its bitcoins.

Appointment of a substitute sponsor will not guarantee
the Trust’s continued operation, successful or otherwise. Because a substitute sponsor may have no experience managing a digital
asset financial vehicle, a substitute sponsor may not have the experience, knowledge or expertise required to ensure that the Trust will
operate successfully or continue to operate at all. Therefore, the appointment of a substitute sponsor may not necessarily be beneficial
to the Trust and the Trust may terminate.

Although the Bitcoin Custodian and the Additional
Bitcoin Custodian are fiduciaries with respect to the Trust’s assets, they could resign or be removed by the Sponsor, which may
trigger early dissolution of the Trust.

The Bitcoin Custodian and the Additional Bitcoin
Custodian are fiduciaries under § 100 of the New York Banking Law and a qualified custodian for purposes of Rule 206(4)-2(d)(6) under
the Advisers Act and are licensed to custody the Trust’s bitcoins in trust on the Trust’s behalf. However, the Bitcoin Custodian
or the Additional Bitcoin Custodian may terminate the Custody Agreement or the Additional Bitcoin Custody Agreement, as the case may be,
immediately or upon providing the applicable notice provided under the Custody Agreement or the Additional Bitcoin Custody Agreement.
If either the Bitcoin Custodian of the Additional Bitcoin Custodian resigns, is removed, or is prohibited by applicable law or regulation
to act as custodian, and no successor custodian has been employed, the Sponsor may dissolve the Trust in accordance with the terms of
the Trust Agreement.

Shareholders may be adversely affected by the
lack of independent advisers representing investors in the Trust.

The Sponsor has consulted with counsel, accountants
and other advisers regarding the formation and operation of the Trust. No counsel was appointed to represent investors in connection with
the formation of

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the Trust or the establishment of the terms of
the Trust Agreement and the Shares. Moreover, no counsel has been appointed to represent an investor in connection with the offering of
the Shares. Accordingly, an investor should consult his, her or its own legal, tax and financial advisers regarding the desirability of
the value of the Shares. Lack of such consultation may lead to an undesirable investment decision with respect to investment in the Shares.

Shareholders and Authorized Participants lack
the right under the Custody Agreement to assert claims directly against the Bitcoin Custodian, which significantly limits their options
for recourse.