Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 38

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 38
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 responsibility and prohibited transaction provisions of Title I
of ERISA or Section 4975 of the Code, may be subject to any federal, state, local, non-U.S. or other law or regulation that is
substantially similar to the foregoing provisions of ERISA and the Code. Fiduciaries of any such plans are advised to consult with
their counsel prior to an investment in the Shares.

In contemplating an investment of a portion of Plan assets in the
Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and
circumstances of the Plan, the “Risk Factors” discussed above and whether such investment is consistent with its fiduciary
responsibilities. The Plan fiduciary should consider, among other issues, whether: (1) the fiduciary has the authority to make
the investment under the appropriate governing plan instrument; (2) the investment would constitute a direct or indirect non-exempt
prohibited transaction with a “party in interest” or “disqualified person” within the meaning of ERISA
and Section 4975 of the Code respectively; (3) the investment is in accordance with the Plan’s funding objectives; and (4)
such investment is appropriate for the Plan under the general fiduciary standards of investment prudence and diversification, taking
into account the overall investment policy of the Plan, the composition of the Plan’s investment portfolio and the Plan’s
need for sufficient liquidity to pay benefits when due. When evaluating the prudence of an investment in the Shares, the Plan fiduciary
should consider the DOL’s regulation on investment duties, which can be found at 29 C.F.R. § 2550.404a-1.

22

It is intended that: (a) none of the Sponsor, the Trustee, the Bitcoin
Custodian, the Cash Custodian or any of their respective affiliates (the “Transaction Parties”) has through this Report
and related materials provided any investment advice within the meaning of Section 3(21) of ERISA to the Plan in connection with
the decision to purchase or acquire such Shares; and (b) the information provided in this Report and related materials will not
make a Transaction Party a fiduciary to the Plan. 

Item 1A. Risk Factors.

Risks Associated with Bitcoin and the Bitcoin
Network

The trading prices of many digital assets, including bitcoin,
have experienced extreme volatility in recent periods and may continue to