Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 37

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 37
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holder to a refund, provided that the
required information is furnished to the IRS in a timely manner.

Individual U.S. Shareholders will generally be required to report
on their federal income tax return the receipt, acquisition, sale, or exchange of any financial interest in virtual currency, which
includes a Shareholder’s interest in bitcoin held by the Trust.

Taxation in Jurisdictions Other Than the United States

Purchasers of Shares that are based in or acting out of a jurisdiction
other than the United States are advised to consult their own tax advisers as to the tax consequences under the laws of such jurisdiction
(or any other jurisdiction other than the United States to which they are subject) of their purchase, holding, sale and redemption
of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption tax or transfer tax
is payable in relation to such purchase, holding, sale, redemption or other dealing.

SHAREHOLDERS ARE URGED TO CONSULT THEIR TAX ADVISERS BEFORE DECIDING
WHETHER TO INVEST IN THE SHARES OF THE TRUST.

ERISA and Related Considerations

The Employee Retirement Income Security Act of 1974 (“ERISA”)
and/or Section 4975 of the Code impose certain requirements on: (i) employee benefit plans and certain other plans and arrangements,
including individual retirement accounts and annuities, Keogh plans and certain collective investment funds or insurance company
general or separate accounts in which such plans or arrangements are invested, that are subject to Title I of ERISA and/or Section
4975 of the Code (collectively, “Plans”); and (ii) persons who are fiduciaries with respect to the investment of assets
treated as “plan assets” within the meaning of U.S. Department of Labor (the “DOL”) regulation 29 C.F.R.
§ 2510.3-101, as modified by Section 3(42) of ERISA (the “Plan Assets Regulation”), of a Plan. Investments by
Plans are subject to the fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA and the
Code.

“Governmental plans” within the meaning of Section 3(32)
of ERISA, certain “church plans” within the meaning of Section 3(33) of ERISA and “non-U.S. plans” described
in Section 4(b)(4) of ERISA, while not subject to the fiduciary