Moving Win10 VM from Intel Mac to Silicon (M1 Max) Mac

I am currently running P17.1.1 / W10 VM on an intel mac.
I just purchased the new iMac Studio with the M1-Max chip.

How can I move my Win10 VM to the new Mac without losing data?
 
I got instructions from MS on how to download and install win10 on the new computer. I was then planning to install win11 using the free upgrade, but you're saying not to install win10 at all.
And the problem with win10, if I understand correctly, is that the version I download will not have been updated since first release, right?
 
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