Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 29

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 29
---
 redemption of baskets until thirty (30) days after the date of notice.

17

Tax Responsibility

Authorized Participants are responsible for
any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable
to the creation or redemption of Baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized
Participant, and agree to indemnify the Sponsor and the Trust if they are required by law to pay any such tax, together with any
applicable penalties, additions to tax and interest thereon.

United States Federal Income Tax Consequences

The following discussion of the material U.S. federal income tax
consequences that generally will apply to the purchase, ownership and disposition of Shares by a U.S. Shareholder (as defined below)
represents, insofar as it describes conclusions as to U.S. federal income tax law and subject to the limitations and qualifications
described therein, the opinion of Clifford Chance US LLP, special U.S. federal income tax counsel to the Sponsor. The discussion
below is based on the Internal Revenue Code of 1986, as amended (“Code”), Treasury Regulations promulgated thereunder
and judicial and administrative interpretations of the Code, all as in effect on the date of this Report and all of which are subject
to change either prospectively or retroactively. The tax treatment of Shareholders may vary depending upon their own particular
circumstances. Certain Shareholders (including but not limited to banks, financial institutions, insurance companies, regulated
investment companies, real estate investment trusts, tax-exempt organizations, tax-exempt or tax-advantaged retirement plans or
accounts, brokers or dealers, traders, partnerships for U.S. federal income tax purposes, persons holding Shares as a position
in a “hedging,” “straddle,” “conversion,” “constructive sale” or other integrated
transaction for U.S. federal income tax purposes, persons whose “functional currency” is not the U.S. dollar, persons
required for U.S. federal income tax purposes to accelerate the recognition of any item of gross income with respect to the Shares
as a result of such income being recognized on an applicable financial statement, or other investors with special circumstances)
may be subject to special rules not discussed below. In addition, the following discussion applies only to investors who will hold
Shares as “capital assets” (generally, property held for investment). Moreover, the discussion below does not address
the effect of any