Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 46

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 not sufficiently high, including, but not limited to, due
    to an increase in electricity costs or a decline in the market price of bitcoin, or if bitcoin mining operations are unable
    to arrange alternative sources of financing (e.g., if lenders refuse to make loans to such miners), bitcoin miners are more
    likely to sell more bitcoins than they otherwise would, resulting in an increase in liquid supply of bitcoin, which would
    generally tend to reduce bitcoin’s market price.

    ●
    To the extent that any miners cease to record transactions that do
    not include the payment of a transaction fee in solved blocks or do not record a transaction because the transaction fee is
    too low, such transactions will not be recorded on the Bitcoin Blockchain until a block is mined by a miner who does not require
    the payment of transaction fees or is willing to accept a lower fee. Any widespread delays in the recording of transactions
    could result in a loss of confidence in a digital asset network.

    ●
    Digital asset mining operations can consume significant amounts of
    electricity, which may have a negative environmental impact and give rise to public opinion against allowing, or government
    regulations restricting, the use of electricity for mining operations. Additionally, miners may be forced to cease operations
    during an electricity shortage or power outage, or if electricity prices increase where the mining activities are performed.

    ●
    There are a small number of major suppliers of bitcoin mining hardware
    globally, and a significant amount of bitcoin mining hardware manufacturing is located in China. Mining hardware manufacturers
    may fail to supply the mining hardware due to their inability to manufacture sufficient mining hardware, whether due to shortages
    of components or resources such as semiconductors, or due to default, insolvency, or changes of laws and trade restrictions
    (including export/import restrictions, quotas or tariffs). Trade policies such as export/import restrictions, quotas or tariffs
    may reduce the ability of bitcoin mining hardware suppliers to supply miners with bitcoin mining hardware or create a shortage
    or lack of components necessary for their manufacture or repair. If bitcoin miners are unable to source mining hardware from
    those suppliers (for example due to overwhelming global demand for bitcoin miners, or due to trade restrictions, or other
    causes) at commercially reasonable prices, or at all, and replacement or substitute sources of bitcoin mining hardware prove
    to be unavailable, there could be a negative impact on bitcoin mining globally. These could affect the Bitcoin network by