The VanEck Bitcoin ETF (ticker: HODL) is a passively managed ETF that holds bitcoin on behalf of shareholders. The Trust's sole purpose is to track the price of bitcoin, less operating expenses, giving investors bitcoin exposure through a standard brokerage account without requiring them to buy, store, or manage bitcoin directly. The Trust is managed by VanEck Digital Assets, with bitcoin held in custody primarily by Gemini Trust Company and Coinbase Custody as an additional custodian. NAV is calculated daily using the MarketVector Bitcoin Benchmark Rate, a composite price derived from five exchanges. The Trust charges a Sponsor Fee of 0.20% of average daily net assets, which covers all ordinary operating expenses — making it the all-in cost to shareholders. VanEck has waived this fee on the first $2.5B of assets through July 2026. Fee revenue scales with the Trust's NAV, which is driven by both bitcoin's price and net inflows. The Trust does not lend or stake its bitcoin holdings, so it generates no investment income. Shares are issued and redeemed in blocks of 25,000 through Authorized Participants — broker-dealers like Jane Street and Virtu Americas — either in cash or in-kind bitcoin, while retail investors buy and sell shares on the Cboe BZX Exchange. This mechanism keeps the share price closely aligned with NAV through arbitrage.