Company: HODL
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0000930413-25-000995
Chunk: 261

Company: VanEck Bitcoin ETF
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1A
Chunk 261
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 Agreement
provides that the Sponsor shall have the discretion to determine whether the original or the alternative asset shall constitute bitcoin.
The Trust shall treat whichever asset the Sponsor determines is not bitcoin as Incidental Rights or IR Virtual Currency, which it has
committed to irrevocably abandon.

The Ruling & FAQs do not address whether
income recognized by a non-U.S. person as a result of a fork, airdrop or similar occurrence could be subject to the 30% withholding tax
imposed on U.S.-source “fixed or determinable annual or periodical” income. Non-U.S. Shareholders should assume that, in the
absence of guidance, a withholding agent (including the Sponsor) is likely to withhold 30% of any such income recognized by a Non-U.S.
Shareholder in respect of its Shares, including by deducting such withheld amounts from proceeds that such Non-U.S. Shareholder would
otherwise be entitled to receive in connection with a distribution of Incidental Rights or IR Virtual Currency. The Sponsor has committed
to cause the Trust to irrevocably abandon any Incidental Rights and IR Virtual Currency to which the Trust may become entitled in the
future. However, there can be no assurance that these abandonments would be treated as effective for U.S. federal income tax purposes,
or that the Sponsor will continue to cause the Trust to irrevocably abandon any Incidental Rights and IR Digital Asset if there are future
regulatory developments that would make it feasible for the Trust to retain those assets.

The receipt, distribution and/or sale of the alternative
bitcoin may cause Shareholders to incur a United States federal, state, and/or local, or non-U.S. tax liability. Any tax liability could
adversely impact an investment in the Shares and may require Shareholders to prepare and file tax returns they would not otherwise be
required to prepare and file.]

Other Risks

Potential conflicts of interest may arise among
the Sponsor or its affiliates and the Trust. The Sponsor and its affiliates have no fiduciary duties to the Trust and its Shareholders
other than as provided in the Trust Agreement, which may permit them to favor their own interests to the detriment of the Trust and its
Shareholders.

The Sponsor will manage the affairs of the Trust.
Conflicts of interest may arise among the Sponsor and its affiliates, on the one hand, and the Trust and its Shareholders, on the other
hand. As a result of these conflicts, the Sponsor may favor