VanEck’s zero-fee Bitcoin ETF ends its complimentary sponsor period on July 31, 2025, after the fund fell short of the $2.5 billion asset threshold required to extend the waiver. HODL reported $1.076 billion in net assets as of July 30, leaving a $1.424 billion gap from the milestone.
The expiration marks the end of HODL’s distinction as the sole zero-fee Bitcoin ETF in the U.S. market. Starting August 1, VanEck will impose a 0.20% annual sponsor fee on all trust assets, translating to approximately $20 per $10,000 invested.
Fee Structure and Competitive Positioning
Under the waiver mechanism filed on November 25, 2024, VanEck waived sponsor fees on the first $2.5 billion of trust assets through July 31. Assets exceeding that threshold would have incurred a 0.20% fee, producing a weighted sponsor fee across the fund. The threshold was not met.
HODL’s new 0.20% fee matches Bitwise Bitcoin ETF’s rate, sits below iShares Bitcoin Trust ETF’s 0.25% fee, and sits one basis point above Franklin Bitcoin ETF’s 0.19% fee. At current asset levels, the fee will generate approximately $2.15 million in annual sponsor revenue.
Asset Flows and Performance
From November 25, 2024 through July 30, 2025, HODL recorded net outflows of $87.6 million across 169 dated sessions. On July 30 alone, the fund attracted $2.3 million in inflows, representing 0.99% of the $233.1 million net inflow across tracked U.S. spot-Bitcoin products that day.
The fund’s cumulative net inflows stand at $1.146 billion, a separate measure from the $1.076 billion in net assets. The distinction reflects the impact of Bitcoin’s price movement and fund expenses on the total value held.
Waiver Extension History
VanEck’s November 25, 2024 filing replaced an earlier January 10, 2026 deadline with the July 31, 2025 end date, accelerating the waiver expiration by approximately six months. VanEck did not announce or file another fee-waiver extension after July 31.
