Key Points
- VanEck’s Bitcoin Trust (HODL) is a spot Bitcoin ETF listed on the CBOE.
- HODL is unique among Bitcoin ETFs for not employing Coinbase Custody Trust LLC as its crypto custodian.
The VanEck Bitcoin Trust, commonly known as HODL, is a spot Bitcoin ETF from investment manager VanEck.
It received approval in January 2024 and is listed on the Chicago Board Options Exchange (CBOE).
Understanding the Spot Bitcoin ETF
A spot Bitcoin ETF holds Bitcoin and keeps track of its price on cryptocurrency exchanges in real-time.
This allows investors to put their money into Bitcoin via stock exchanges, without the need to buy, hold, or own the underlying digital asset.
About VanEck
VanEck is an investment management company offering a variety of investment products, including ETFs, mutual funds, and other investment strategies.
The firm is recognized for its proficiency in several asset classes, including equities, fixed income, commodities, and alternative investments.
VanEck has been proactive in the crypto space, especially in proposing Bitcoin ETFs to the U.S. Securities and Exchange Commission.
HODL waived its sponsor fee from March 12, 2024, to March 31, 2025, or until the fund exceeds $1.5 billion in assets.
Post this period, HODL’s sponsor fee will be fixed at 0.20%.
HODL, along with Hashdex’s DEFI and Valkyrie’s BRRR, is one of the three live spot Bitcoin ETFs that does not use Coinbase Custody Trust LLC as their crypto custodian.
While Valkyrie and Hashdex use BitGo, a crypto custody and financial services firm, HODL employs a popular crypto firm founded by the Winklevoss twins.
Gemini Trust Company, typically known as Gemini, is the custodian of HODL’s Bitcoin.
Gemini, a cryptocurrency exchange and custodian established in 2014 by Cameron and Tyler Winklevoss, is regulated by the New York State Department of Financial Services (NYSDFS) and is a trust company.
Gemini provides a platform for buying, selling, and storing various cryptocurrencies, including Bitcoin, ether, and others.
VanEck has not officially revealed HODL’s Bitcoin addresses.
However, Arkham Intelligence, a crypto data tracking firm, found HODL’s addresses along with those of other spot Bitcoin ETFs.