VanEck Bitcoin ETF

VanEck Bitcoin ETF is a U.S.-domiciled exchange-traded trust formed to hold bitcoin and issue shares that provide investors with fractional beneficial ownership of the trust’s bitcoin holdings. The trust is sponsored by VanEck Digital Assets, LLC and uses third-party custodians and administrators to hold, value, and service the underlying bitcoin.

— VanEck Bitcoin ETF
%
Bitcoin ETF shares100% Exchange-traded shares that represent fractional ownership of the trust's bitcoin holdings.

The trust is bought by investors seeking listed exposure to bitcoin without directly holding or self-custodying the...

  • Retail investorsprimary

    Buy listed shares for convenient bitcoin exposure inside standard brokerage accounts.

  • Institutional investorsprimary

    Use the ETF as a liquid, exchange-traded way to allocate to bitcoin.

  • Authorized Participantsprimary

    Create and redeem baskets of shares directly with the trust.

The trust is organized in the United States as a Delaware statutory trust and its shares trade on a U.S...

  • •U.S.-domiciled Delaware statutory trust
  • •Shares trade on a U.S. exchange under ticker HODL
  • •Custody and administration are handled by U.S. institutions
  • •Underlying bitcoin exposure is global, not country-specific

The trust’s strategy is purely passive: it seeks to reflect the performance of bitcoin, less operating expenses, rather...

01
Maintain tight tracking to bitcoinshort-term

The trust exists to mirror bitcoin performance as closely as possible.

02
Support share liquidity and market accessshort-term

Creation/redemption mechanics help keep shares tradable on exchange.

The trust is exposed primarily to bitcoin price volatility, since its value is directly tied to the market price of the...

critical

Bitcoin price volatility

The trust's value moves with bitcoin, which has historically shown extreme swings.

Scope
Underlying asset value and share price
Materiality
high
high

Bitcoin network and internet disruption

Transfers and custody depend on digital network infrastructure and service providers.

Scope
Creation/redemption and asset transfer processes
Materiality
high
high

Custodian and service provider operational failure

The trust relies on third-party custodians, administrator, and cash custodian.

Scope
Asset safeguarding and NAV operations
Materiality
high
medium

Regulatory and market-structure risk

AML, sanctions, stablecoin, and exchange rules can affect bitcoin liquidity and demand.

Scope
Bitcoin market liquidity and investor access
Materiality
medium
medium

Competition from other bitcoin investment vehicles

Investors can choose direct bitcoin, futures, or rival exchange-traded products.

Scope
Asset gathering and trading volume
Materiality
medium
Fair value measurement of bitcoin
Largest driver of reported asset value and period results
NAV calculation and share count changes
Affects per-share comparability across periods
Expense waivers and sponsor fee
Can materially reduce reported expenses

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: 29.4.2026