According to the HODL Q1 report, the net increase was $109 million and BTC holdings were $620 million.
A new filing with the Securities and Exchange Commission highlights key figures from HODL, a spot Bitcoin exchange-traded fund (ETF) issued by investment manager VanEck’s digital assets division.
HODL’s Bitcoin investments during the first fiscal quarter ending March 31, 2024 were 8,711 BTC, valued at $619,067,103, and the fund’s net assets increased by $109 million, according to Monday’s filing.
HODL also had Bitcoin investments of $20 million in total debt as of March 31, net realized gains of $6 million, and 8.2 million shares outstanding as of April 30, 2024.
The VanEck Bitcoin Trust, known as HODL, is an investment vehicle that allows investors to gain exposure to Bitcoin without the need to hold the cryptocurrency itself. VanEck Digital Assets LLC is the fund’s sponsor. HODL’s shares are listed on the stock exchange Cboe BZX.
The SEC approved VanEck’s HODL and 10 other spot Bitcoin ETFs on January 10, 2024. HODL recorded $8.1 million in trading volume on May 10, according to The Block’s data dashboard.
HODL Sponsor Fee
VanEck also said total costs related to sponsor fees were approximately $123,000.
“The Trust pays the Sponsor a consolidated fee equal to 0.20% of net assets, accrued daily and paid monthly,” VanEck wrote in the filing. “Prior to February 21, 2024, the sponsorship fee was 0.25%. For the period effective March 12, 2024 through March 31, 2025, sponsors will be exempt from paying the entire sponsorship fee on the first $1.5 billion of the trust’s net assets. I agreed.”
On February 20, the day before the sponsor fee change went into effect, HODL’s daily trading volume increased 1,000% to $300 million across approximately 32,000 individual transactions. HODL’s daily trading volume the previous day was $25.5 million, The Block previously reported.
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