VanEck extends zero-fee waiver for HODL Bitcoin ETF to $2.5 billion or 2026

VanEck has extended the fee waiver for its HODL spot Bitcoin exchange-traded fund (ETF) to the first $2.5 billion in assets or until Jan. 10, 2026, according to a Nov. 25 statement.

Under the terms, investors will not pay any fees for HODL until the $2.5 billion threshold is reached or until Jan. 10, 2026—whichever comes first. This marks a significant extension from the previous fee waiver deadline of March 31, 2025, based on the $1.5 billion asset cap. According to Farside's data, HODL's net asset value is approximately $1.33 billion, reflecting a 124% increase since its inception.

Once the $2.5 billion or January 2026 threshold is reached, investors will be subjected to a 0.20% sponsor fee. In the meantime, HODL remains the only zero-fee spot Bitcoin ETF available in the US.

Kyle USruz, VanEck's Director of Digital Assets Product, said:

“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.”

Record inflows

VanEck's move comes amid the continued strong investor interest in Bitcoin ETFs despite their launch over 11 months ago.

Data from CoinShares shows that spot Bitcoin ETFs saw record weekly inflows of $3.13 billion, pushing total inflows since mid-September to $15.2 billion. Year-to-date, inflows into crypto-related ETPs have reached $37 billion, primarily driven by inflows into Bitcoin.

According to CoinShares, BlackRock's iShares Bitcoin Trust (IBIT) dominates the flow, with a year-to-date flow of $33.15 billion, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC) with flows of $11.5 billion.

Conversely, Grayscale's Bitcoin Trust (GBTC) experienced net outflows of more than $20 billion during the same period.

Nevertheless, these ETFs' cumulative performance far surpasses that of US Gold ETUS, which garnered just $309 million in their debut year.