Wed, Mar 26, 7:36 PM (31 days ago)
The VanEck Bitcoin ETF (HODL) is a Delaware statutory trust designed to track the performance of the price of bitcoin, less the expenses of the Trust's operations. The Trust holds bitcoin transferred to it in exchange for shares issued by the Trust. The shares represent a fractional, undivided beneficial interest in the Trust's assets, primarily bitcoin held by third-party custodians. The Trust is managed by VanEck Digital Assets, LLC, a subsidiary of VanEck Associates Corporation, with CSC Delaware Trust Company serving as the Delaware trustee. The Trust's net asset value (NAV) was $1,280,450,332 at December 31, 2024, with 48,500,000 shares outstanding. The Trust's investment objective is to reflect the performance of the price of bitcoin, less the expenses of the Trust's operations. The Trust provides investors with access to the market for bitcoin through shares held in a traditional brokerage account, without the potential barriers to entry or risks involved with holding or transferring bitcoin directly. The Trust is not actively managed and will not take any actions to take advantage of, or mitigate the impacts of, volatility in the price of bitcoin. The Trust's shares are listed for trading on the Cboe BZX Exchange, Inc. under the ticker symbol "HODL." The Trust's financial performance is highlighted by its NAV and the number of shares outstanding. The Trust's operating expenses include a unified fee paid to the Sponsor, which is 0.20% of average daily net assets, accruing daily and paid monthly. The Sponsor has agreed to waive the entire Sponsor Fee for the first $2.5 billion of the Trust's assets until January 10, 2026. The Trust's financial condition is influenced by the market price of bitcoin, which is highly volatile and subject to fluctuations due to various factors. The Trust's market position is subject to competition from direct investments in bitcoin, other cryptocurrencies, futures contracts for bitcoin, and other potential financial vehicles. The Trust's future outlook is uncertain and subject to various risk factors, including regulatory uncertainty, market volatility, and technological risks. The Trust's risk factors include the volatility of the bitcoin market, regulatory uncertainty, and the potential for technological failures. The Trust's financial condition is influenced by the market price of bitcoin, which is highly volatile and subject to fluctuations due to various factors. The Trust's market position is subject to competition from direct investments in bitcoin, other cryptocurrencies, futures contracts for bitcoin, and other potential financial vehicles. The Trust's future outlook is uncertain and subject to various risk factors, including regulatory uncertainty, market volatility, and technological risks. The Trust's risk factors include the volatility of the bitcoin market, regulatory uncertainty, and the potential for technological failures. The Trust's financial condition is influenced by the market price of bitcoin, which is highly volatile and subject to fluctuations due to various factors. The Trust's market position is subject to competition from direct investments in bitcoin, other cryptocurrencies, futures contracts for bitcoin, and other potential financial vehicles. The Trust's future outlook is uncertain and subject to various risk factors, including regulatory uncertainty, market volatility, and technological risks. The Trust's risk factors include the volatility of the bitcoin market, regulatory uncertainty, and the potential for technological failures. The Trust's financial condition is influenced by the market price of bitcoin, which is highly volatile and subject to fluctuations due to various factors. The Trust's market position is subject to competition from direct investments in bitcoin, other cryptocurrencies, futures contracts for bitcoin, and other potential financial vehicles. The Trust's future outlook is uncertain and subject to various risk factors, including regulatory uncertainty, market volatility, and technological risks. The Trust's risk factors include the volatility of the bitcoin market, regulatory uncertainty, and the potential for technological failures.