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VanEck waives fee for bitcoin trust HODL and Grayscale files for new bitcoin ETF

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The battle over gaining assets in the spot bitcoin ETF sector in the US has stepped up with VanEck announcing the waiver of its sponsor fee for the VanEck Bitcoin Trust (HODL), which provides exposure to spot bitcoin, effective immediately. 

The firm writes that this adjustment demonstrates VanEck’s commitment to delivering enhanced value to investors, including through competitive pricing.

During the period starting March 12, 2024 and ending on March 31, 2025, the entire sponsor fee will be waived for the first USD1.5 billion of the Trust’s assets. If the Trust’s assets exceed USD1.5 billion prior to March 31, 2025, the fee on assets over USD1.5 billion will be 0.20 per cent. All investors will incur the same sponsor fee, which is the weighted average of those fee rates. After March 31, 2025, the sponsor fee will be 0.20 per cent.

“We listen to our clients and understand the importance of continually reassessing our fee structures to align with their expectations and the dynamic nature of the market,” says Kyle DaCruz, Director, Digital Assets Product with VanEck.“This fee waiver reflects our dedication to providing competitive investment opportunities that meet the needs of investors, and we believe it may encourage even more investors to explore the potential of bitcoin as part of their investment strategy.”

In other news, Grayscale has filed for the mini GBTC, likely with a lower fee – as predicted in our recent podcast by State Street’s Jeffrey Sardinha.

The filing will allow GBTC to be the liquid trading tool and the mini version to be the long hold, allowing GBTC to appeal to both traders and those who are invested for the long term.

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