The VanEck Bitcoin ETF (HODL) is an exchange-traded fund designed to track the performance of Bitcoin through direct ownership of the digital asset held in custody. The fund is managed by VanEck and trades under the ticker HODL on the Cboe BZX Exchange.

Classified as a commodity ETF with direct exposure to digital assets, HODL seeks to reflect, before fees and expenses, the price movement of Bitcoin in the spot market.

The fund follows a passive management strategy and does not seek to outperform a traditional benchmark index. Its structure consists of holding Bitcoin in institutional custody, allowing net asset value to closely track the price of the underlying digital asset.

The fund’s net asset value is directly linked to the market value of the Bitcoin held in custody, adjusted for administrative and operational expenses outlined in its prospectus.

Composition / Exposure profile

HODL provides direct exposure to Bitcoin, featuring:

• Direct Bitcoin holdings in institutional custody.

• Sensitivity to cryptocurrency market price movements.

• No exposure to equities, fixed income securities, or structured derivatives.

This structure allows investors to access Bitcoin price performance without the need for direct purchase, storage, or personal custody of the asset.

Structure and costs

HODL shares trade on the secondary market on the Cboe BZX Exchange during regular trading hours. Creation and redemption occur through authorized participants, helping maintain alignment between market price and net asset value.

The fund charges a management fee as outlined in its prospectus and does not apply a performance fee. HODL trades exclusively under the ticker HODL.

History and evolution of the ETF

The VanEck Bitcoin ETF was launched in 2024, during a period of expansion in spot Bitcoin ETFs in the U.S. market following regulatory approval of these products. Since inception, the fund has been used by institutional and individual investors seeking direct Bitcoin exposure through a regulated exchange-traded structure.

In recent years, HODL has reflected the growing institutionalization of digital asset markets, regulatory developments in the United States, and increasing investor demand for simplified access to Bitcoin exposure.

Additional Information

VanEck Bitcoin Trust (United States) is an exchange-traded fund (ETF), with assets under management totaling $1.01 billion.

Over the past 12 months, VanEck Bitcoin Trust recorded a return of -31.01%, with its price trading between $16.61 and $35.49 during the same period.

The ETF is traded under the ticker HODL.