VanEck's spot-Bitcoin ETF, HODL, lost its zero-sponsor-fee status on July 31. The fund needed $2.5 billion in net assets to extend the waiver. It had $1.076 billion as of July 30 — a $1.424 billion gap. The 0.20% sponsor fee now applies to all trust assets.
The $1.4 billion gap
The fee waiver was tied to a clear target: hit $2.5 billion in net assets by July 31, and the zero-fee period would stretch further. HODL's $1.076 billion represented just 43% of that threshold. The fund fell short by more than half. VanEck had filed the latest extension on Nov. 25, 2025, pushing the original Jan. 31, 2026 deadline to July 31. No new filing appeared in SEC submissions by the morning of the deadline, and the firm hadn't announced another extension.
What the fee change means
At 0.20%, HODL's sponsor fee matches the Bitwise Bitcoin ETF. It's cheaper than the iShares Bitcoin Trust's 0.25% but slightly above the Franklin Bitcoin ETF's 0.19%. For a fund that's been bleeding assets, the new fee could add pressure. From Nov. 25 through July 30, HODL recorded net outflows of $87.6 million across 169 trading sessions. That's a steady drip of capital leaving the fund.
Outflows and a rare inflow
On July 30, the day before the deadline, HODL pulled in $2.3 million in net inflows. That was about 0.99% of the $233.1 million total net inflow across all U.S. spot-Bitcoin ETFs that day. A small win, but not nearly enough to change the math. HODL's cumulative net inflows since launch stand at $1.146 billion — a separate figure from net assets, which also reflect market moves and redemptions.
No extension filed
VanEck had a chance to file another waiver extension before the deadline. It didn't. The zero-fee period ended on the calendar without the $2.5 billion threshold being reached. The fund now charges the same 0.20% as Bitwise's product, and investors will see the fee deducted from assets starting in August. Whether the outflows accelerate or stabilize is the open question — one the market will answer in the weeks ahead.
