VanEck Bitcoin ETF ends zero-sponsor-fee period, falls 1.4 billion short of target

VanEck's Bitcoin ETF, trading as HODL, concludes its zero-sponsor-fee period on July 31, with net assets of 1.076 billion, reaching 43.0% of the 2.5 billion asset threshold. As of July 30, the fund was 1.424 billion below the threshold, allowing it to remain fully covered by the waiver until the end. The waiver allowed VanEck to waive the sponsor fee on the first 2.5 billion of trust assets until July 31. After this date, a 0.20% sponsor fee will apply to all trust assets. At the current asset level, this fee would amount to approximately 2.15 million annually if assets remain unchanged. HODL's latest SEC filings do not indicate any further extensions. From November 25 to July 30, HODL experienced net outflows of 87.6 million across 169 sessions. On July 30, HODL attracted 2.3 million, representing about 0.99% of the 233.1 million net inflow across tracked U.S. spot-Bitcoin products. HODL's cumulative net inflows stand at 1.146 billion, separate from its net assets. Once the waiver expires, HODL's 0.20% fee will align with the Bitwise Bitcoin ETF, remaining below the iShares Bitcoin Trust ETF's 0.25% fee and slightly above the Franklin Bitcoin ETF's 0.19% fee.

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