Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 36

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 36
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 fee incurred by a Shareholder in selling Shares will reduce the amount realized by the Shareholder with respect to
the sale.

Shareholders will be required to recognize the full amount of gain
or loss upon a sale or deemed sale of bitcoin by the Trust (as discussed above), even though some or all of the proceeds of such
sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata shares of each expense incurred
by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals, estates or trusts,
however, may be required to treat some or all of the expenses of the Trust as miscellaneous itemized deductions. An individual
may not deduct miscellaneous itemized deductions for tax years beginning after December 31, 2017 and before January 1, 2026. For
tax years beginning after December 31, 2025, individuals may deduct certain miscellaneous itemized deductions only to the extent
they exceed in the aggregate 2% of the individual’s adjusted gross income.

Similar rules apply to certain miscellaneous itemized deductions
of estates and trusts. In addition, such deductions may be subject to phase outs and other limitations under applicable provisions
of the Code.

Investment by Certain Retirement Plans

Individual retirement accounts (“IRAs”) and participant-directed
accounts under tax-qualified retirement plans are limited in the types of investments they may make under the Code. Potential purchasers
of Shares that are IRAs or participant-directed accounts under a Code section 401(a) plan should consult with their own tax advisors
as to the tax consequences of a purchase of Shares.

United States Information Reporting and Backup Withholding

The Trustee will file certain information returns with the IRS, and
provide certain tax-related information to Shareholders, in connection with the Trust. To the extent required by applicable regulations,
each Shareholder will be provided with information regarding its allocable portion of the Trust’s annual income,

21

expenses, gains and losses (if any). A U.S. Shareholder may be subject
to United States backup withholding tax in certain circumstances unless it provides its taxpayer identification number and complies
with certain certification procedures. Shareholders may be required to meet certain information reporting or certification requirements
imposed by the Foreign Account Tax Compliance Act, in order to avoid certain information reporting and withholding tax requirements.

The amount of any backup withholding will be allowed as a credit
against a Shareholder’s U.S. federal income tax liability and may entitle the Share