VanEck Bitcoin ETF (CBOE: HODL) is a digital asset investment trust that holds bitcoin directly on behalf of its shareholders. The Trust generates no operating revenue; its economics flow entirely from changes in the market value of its bitcoin holdings, with VanEck serving as Sponsor and charging a Sponsor Fee paid in bitcoin withdrawn from the Trust. Bitcoin is custodied by Gemini Trust Company, LLC (primary Bitcoin Custodian) and an Additional Bitcoin Custodian, with private keys held on the Trust's behalf. The Trust is not actively managed and holds no strategy to develop the Bitcoin network or mitigate price declines. Shares are created and redeemed through Authorized Participants, with bitcoin purchase and sale transactions conducted via Liquidity Providers including Nonco LLC. VanEck holds a minority equity interest of less than 1% in Gemini Trust Company's parent and approximately 6% in Metatech Holdings, parent of Nonco LLC, as disclosed in the 10-K filed 2026-03-12.
A single exchange-traded product: shares of VanEck Bitcoin ETF (ticker HODL), each representing a fractional interest in bitcoin held in custody. The Trust's bitcoin holdings are valued using the MarketVector Bitcoin Benchmark Rate. No other products or services are offered.
The Trust charges a Sponsor Fee denominated in bitcoin, withdrawn directly from the Trust's Bitcoin Account. There is no subscription, management fee paid in cash, or operating revenue. Extraordinary expenses are paid by the Sponsor and reimbursed from the Trust in bitcoin at the Index price on the reimbursement date.
Shareholders who purchase HODL shares through exchanges, and Authorized Participants who create and redeem shares in kind. End market is investors seeking bitcoin price exposure through a regulated, exchange-listed vehicle. No customer concentration data is disclosed in the filing excerpts.
No geographic revenue breakdown is disclosed. The Trust is a U.S.-registered statutory trust and its shares trade on a U.S. exchange.
Source: SEC 10-K, filed 2026-03-12
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