Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 273

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 273
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 were deemed to be “plan assets,” this could result
in, among other things, (i) the application of the prudence and other fiduciary standards of ERISA to investments made by the Trust and
(ii) the possibility that certain transactions in which the Trust might otherwise seek to engage in the ordinary course of its business
and operation could constitute non-exempt “prohibited transactions” under Section 406 of ERISA and/or Section 4975 of the
Code, which could restrict the Trust from entering into an otherwise desirable investment or from entering into an otherwise favorable
transaction. In addition, fiduciaries who decide to invest in the Trust could, under certain circumstances, be liable for “prohibited
transactions” or other violations as a result of their investment in the Trust or as co-fiduciaries for actions taken by or on behalf
of the Trust or the Sponsor. There may be other federal, state, local, non-U.S. law or regulation that contains one or more provisions
that are similar to the foregoing provisions of ERISA and the Code that may also apply to an investment in the Trust.

The application of ERISA (including the corresponding
provisions of the Code and other relevant laws) may be complex and dependent upon the particular facts and circumstances of the Trust
and of each Plan, and it is the responsibility of the appropriate fiduciary of each investing Plan to ensure that any investment in the
Trust by such Plan is consistent with all applicable requirements. Each Shareholder, whether or not subject to Title I of ERISA or Section
4975 of the Code, should consult its own legal and other advisors regarding the considerations discussed above and all other relevant
ERISA and other considerations before purchasing the Shares.

Item 1B. Unresolved Staff Comments.

None.

Item 1C. Cybersecurity.

Risk Management, Strategy and Governance

The Trust has no employees or internal information
systems and is managed by the Sponsor. Thus, the Trust relies on the Sponsor and VanEck, the parent company of the Sponsor, as well as
the Bitcoin Custodian and Additional Bitcoin Custodian and other service providers to protect the Trust’s information from cybersecurity
threats. VanEck has policies, standards, and procedures on information security (the “Cybersecurity Documents”). The Cybersecurity
Documents govern the procurement, use, storage, protection and permissions of data systems, applications and devices.  The Cybersecurity
Documents outline the correct usage of elements

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and tasks on the