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VanEck Bitcoin ETF (HODL) filings document trust-level operating mechanics for a bitcoin ETF, including material agreements that govern authorized participants and creation and redemption processes. The 8-K record identifies the Trust, its emerging growth company status, the sponsor role of VanEck Digital Assets, LLC, and amendments to the Authorized Participant Agreement that add in-kind creation and redemption as an alternative to cash processing.
VanEck Bitcoin ETF filed an amended annual report to correct the date on its independent auditor’s report, with the audit opinion itself unchanged. The filing also explains how the ETF tracks bitcoin’s price through shares backed by bitcoin held at third-party custodians.
As of December 31, 2025, the Trust reported net asset value of $1,382,273,990 and 55,900,000 Shares outstanding, following a 4-for-1 share split on February 14, 2025. As of February 28, 2026, Shares outstanding were 59,400,000, and non-affiliates held shares valued at about $1.57 billion as of June 30, 2025.
The ETF charges a unified Sponsor Fee of 0.20% of average daily net assets, but the Sponsor is waiving this fee on the first $2.5 billion of assets from November 25, 2025 through July 31, 2026. The report highlights that the Trust is a passive vehicle, does not hedge bitcoin volatility, and that bitcoin prices have shown extreme swings that could cause Shares to lose most or all of their value.
NEOS Investment Management LLC reports beneficial ownership of 5,406,937 Shares (9.24%) in VanEck Bitcoin ETF as of 12/31/2025. The filing states NEOS has sole voting and dispositive power over all 5,406,937 shares. The Schedule 13G was signed on 03/10/2026 by Robert Shea.
VanEck Bitcoin ETF discloses a change to the Bitcoin Benchmark Rate platform composition. Effective November 30, 2025, MarketVector Indexes GmbH replaced Bitstamp and Bullish with Crypto.com and OKX. The Index now uses Coinbase, Crypto.com, Gemini, Kraken and OKX to calculate the benchmark.
VanEck Bitcoin ETF (HODL) is extending its voluntary fee break for investors. From November 25, 2025 through July 31, 2026, the Sponsor will waive the entire Sponsor Fee on the first $2.5 billion of the Trust’s assets.
If assets exceed $2.5 billion during this period, a 0.20% Sponsor Fee will apply to assets above that level, and all investors will pay the same weighted-average fee. After July 31, 2026, the standard Sponsor Fee will be 0.20% on all assets. The Sponsor also notes it may choose future waivers at its discretion and would announce them via prospectus supplements, periodic reports, or the Trust’s website.
VanEck Bitcoin ETF is updating its prospectus to add an in-kind creation and redemption option alongside its existing cash-only process. The ETF will continue to issue and redeem Shares only in blocks of 25,000 Shares, called Creation Baskets, with each basket tied to the net asset value of the bitcoin it represents, less the Sponsor Fee and certain expenses. Authorized Participants, which must be registered broker-dealers or similar institutions, can now either deliver cash for the Trust to buy bitcoin from Liquidity Providers or deliver bitcoin directly to the Bitcoin Custodian, and similarly receive cash or bitcoin on redemption.
The supplement also expands risk disclosures, noting that operational issues at the Bitcoin Custodian, Liquidity Providers, or on the Bitcoin network, as well as limited broker-dealer ability to support in-kind activity, could impair arbitrage, widen premiums or discounts to NAV, reduce liquidity, or even force a halt to creations and redemptions. Detailed procedures are provided for cash and in-kind orders, settlement timing, slippage allocation, and the role of Gemini Clearing and named Liquidity Providers in sourcing or disposing of bitcoin.
VanEck Bitcoin ETF (HODL) reported that, effective November 20, 2025, it has amended and restated its Form of Authorized Participant Agreement. The change updates the agreement to permit an in-kind creation and redemption process as an alternative to the Trust’s existing cash creation and redemption process. This affects how authorized participants interact with the ETF when creating or redeeming shares, by adding a non-cash option alongside the current cash-based method. The updated agreement is filed as Exhibit 10.1 and is incorporated by reference.
VanEck Bitcoin ETF (HODL) reported a larger asset base and higher per‑share value, reflecting bitcoin’s price gains and net share creations. Net assets were $2,039,322,369 as of September 30, 2025, with 63,125,000 shares outstanding and NAV per share of $32.31. The Trust held 17,853.09 bitcoin at fair value of $2,039,322,369.
For the quarter, operations added $103,792,268 to net assets, driven by $84,089,218 in unrealized appreciation and $19,703,050 in realized gains tied to redemptions. Year‑to‑date, operations contributed $297,152,438. Capital activity in Q3 included 9,750,000 shares issued and 2,000,000 redeemed.
The Sponsor waived the entire Sponsor Fee on the first $2.5 billion of assets from November 25, 2024 through January 10, 2026, resulting in zero net expenses for the periods shown. Shares outstanding were 65,100,000 as of October 31, 2025. The risk discussion underscores bitcoin’s volatility, market infrastructure dependencies, and regulatory developments that could impact bitcoin pricing and operations.