VanEck, a prominent investment firm, has decided to extend the zero-fee waiver for its HODL Bitcoin ETF to the first $2.5 billion in assets or until January 10, 2026. This move comes as a response to the surging inflows into crypto-related products, with VanEck’s HODL remaining the only zero-fee Bitcoin ETF available in the US.
The initial fee waiver deadline was set for March 31, 2025, based on a $1.5 billion asset cap. However, due to the significant increase in HODL’s net asset value to approximately $1.33 billion, VanEck has decided to extend the deadline further. Once the $2.5 billion threshold is reached or January 2026 arrives, investors will be subjected to a 0.20% sponsor fee.
Kyle USruz, VanEck’s Director of Digital Assets Product, expressed his thoughts on the extension, stating, “January 10 marks the anniversary of the SEC’s approval of the first US-listed spot bitcoin exchange-traded products—a watershed moment that we at VanEck had been working towards for close to a decade. It seems fitting to honor that milestone and extend the fee waiver on HODL with that date in mind.”
The decision to extend the zero-fee waiver comes at a time when there is a continued strong investor interest in Bitcoin ETFs. Data from CoinShares reveals that spot Bitcoin ETFs received record weekly inflows of $3.13 billion, bringing total inflows since mid-September to $15.2 billion. Year-to-date, inflows into crypto-related ETPs have reached $37 billion, with a significant portion driven by Bitcoin inflows.
BlackRock’s iShares Bitcoin Trust (IBIT) has emerged as a dominant player in the flow, with a year-to-date inflow of $33.15 billion, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with flows of $11.5 billion. In contrast, Grayscale’s Bitcoin Trust (GBTC) experienced net outflows of over $20 billion during the same period.
Despite the outflows experienced by some ETFs, the cumulative performance of these products far surpasses that of US Gold ETUS, which only attracted $309 million in their debut year. The extension of the zero-fee waiver for VanEck’s HODL Bitcoin ETF is expected to attract more investors and further solidify its position in the market as the only zero-fee option available for investors interested in spot Bitcoin ETFs.
