VanEck's spot bitcoin ETF HODL reports $109 million net increase in Q1, $620 million in BTC: filing
Quick Take
- VanEck’s spot bitcoin ETF HODL reported a $109 million increase in net assets in 2024’s first fiscal quarter.
- The fund disclosed that it held 8,711 BTC worth around $620,000 million.
- HODL also saw $20 million in total liabilities and $6 million in net realized gain on its bitcoin investment as of March 31.
A new filing with the Securities and Exchange Commission illuminates key figures for the spot bitcoin exchange-traded fund (ETF) HODL, issued by the digital asset arm of the investment manager VanEck.
For the first fiscal quarter ending March 31, 2024, HODL's bitcoin investment amounted to 8,711 BTC, for a value of $619,067,103, and the fund had a $109 million increase in net assets, according to the Monday filing.
HODL also saw $20 million in total liabilities and $6 million in net realized gain on its bitcoin investment as of March 31, as well as 8.2 million shares as of April 30, 2024.
The VanEck Bitcoin Trust, known by its ticker HODL, is an investment vehicle that gives investors exposure to bitcoin without them needing to hold the cryptocurrency itself. VanEck Digital Assets LLC is the fund's sponsor. HODL's shares are listed on the stock exchange Cboe BZX.
The SEC approved VanEck's HODL, as well as 10 other spot bitcoin ETFs, on Jan. 10, 2024. HODL drew in $8.1 million in volume on May 10, The Block's Data Dashboard shows.
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HODL sponsor fee
VanEck also disclosed that its total expenses related to its sponsor fee were around $123,000.
"The Trust pays the Sponsor a unified fee of 0.20% of net assets that accrues daily and pays monthly," VanEck wrote in the filing. "Prior to February 21, 2024, the Sponsor fee was 0.25%. Effective for the period from March 12, 2024, through March 31, 2025, the Sponsor agreed to waive the entire Sponsor Fee for the first $1.5 billion of the Trust’s net assets."
On Feb. 20, the day before the sponsor fee change went into effect, HODL saw its daily trading volume soar 1,000% to $300 million from around 32,000 individual trades. The day prior, HODL's daily trading volume had been $25.5 million, The Block previously reported.
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