HODL to waive Sponsor Fee on $2.5B AUM until July 2026

Rhea-AI Filing Summary

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.

Positive

• Temporary zero-fee tier on first $2.5B of assets from November 25, 2025 through July 31, 2026, with a low 0.20% fee above that level.

Negative

• None.

Insights

ETF fee and product analyst

HODL extends a temporary fee waiver on the first $2.5B of assets.

VanEck Bitcoin ETF (HODL) is extending a voluntary waiver of its Sponsor Fee on the first $2.5 billion of Trust assets from November 25, 2025 through July 31, 2026. Above that asset level during the waiver window, the Sponsor Fee is set at 0.20%, with all investors paying a single weighted-average fee rate.

After July 31, 2026, the Sponsor Fee standardizes at 0.20% on all assets, ending the temporary zero-fee tier. The Sponsor also states it may waive all or a portion of the fee again at its sole discretion and would communicate any such changes via prospectus supplements, Exchange Act reports, or the Trust’s website, so fee levels could change with future decisions.

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Filed pursuant to Rule 424(b)(3)

Registration No. 333-251808

VANECK BITCOIN ETF

SUPPLEMENT NO. 11 DATED NOVEMBER 25, 2025

TO THE PROSPECTUS DATED MARCH 1, 2024

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of VanEck Bitcoin ETF, dated March 1, 2024 (as supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purpose of this Supplement is to extend the Sponsor’s voluntary waiver of the Sponsor Fee.

Sponsor Fee Waiver

The following supersedes and replaces the supplement to the first paragraph under the caption "Prospectus Summary—The Trust's Fees and Expenses" on page 6 of the Prospectus as updated in the prospectus supplement no. 6 dated November 25, 2024.

In addition, the Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor Fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. During the period commencing on November 25, 2025 and ending on July 31, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion of the Trust’s assets. If the Trust’s assets exceed $2.5 billion prior to July 31, 2026, the Sponsor Fee charged on assets over $2.5 billion will be 0.20%. All investors will incur the same Sponsor Fee which is the weighted average of those fee rates. After July 31, 2026, the Sponsor Fee will be 0.20%.

The following supersedes and replaces the supplement to the first paragraph under the caption "Additional Information About the Trust—The Trust's Fees and Expenses" on page 69 of the Prospectus as updated in the prospectus supplement no. 6 dated November 25, 2024.

The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor Fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. During the period commencing on November 25, 2025 and ending on July 31, 2026, the Sponsor will waive the entire Sponsor Fee for the first $2.5 billion of the Trust’s assets. If the Trust’s assets exceed $2.5 billion prior to July 31, 2026, the Sponsor Fee charged on assets over $2.5 billion will be 0.20%. All investors will incur the same Sponsor Fee which is the weighted average of those fee rates. After July 31, 2026, the Sponsor Fee will be 0.20%. In the future, if the Sponsor decides to waive all or a portion of the Sponsor Fee, Shareholders will be notified in a prospectus supplement, in its periodic Exchange Act reports and/or on the Trust’s website.

FAQ

What fee change does the VanEck Bitcoin ETF (HODL) announce in this supplement?

The supplement extends a voluntary waiver so that the Sponsor will charge no Sponsor Fee on the first $2.5 billion of the Trust’s assets from November 25, 2025 through July 31, 2026.

What Sponsor Fee applies to VanEck Bitcoin ETF (HODL) assets above $2.5 billion during the waiver period?

If Trust assets exceed $2.5 billion before July 31, 2026, assets above that level will incur a 0.20% Sponsor Fee, with all investors paying the same weighted-average rate.

What will the VanEck Bitcoin ETF (HODL) Sponsor Fee be after July 31, 2026?

After July 31, 2026, the Sponsor Fee for VanEck Bitcoin ETF (HODL) will be 0.20% on all of the Trust’s assets.

Are all VanEck Bitcoin ETF (HODL) investors charged the same Sponsor Fee during the waiver?

Yes. The filing states that all investors will incur the same Sponsor Fee, calculated as the weighted average of the applicable fee rates across the Trust’s assets.

Can the VanEck Bitcoin ETF (HODL) Sponsor change or extend fee waivers in the future?

The Sponsor may, at its sole discretion, waive all or a portion of the Sponsor Fee for stated periods, and any future waivers would be disclosed in a prospectus supplement, in periodic Exchange Act reports, and/or on the Trust’s website.

Is the Sponsor obligated to keep waiving fees for VanEck Bitcoin ETF (HODL)?

No. The Sponsor is under no obligation to waive any portion of its fees, and any waiver does not create an obligation to waive fees outside the stated waiver period.