VanEck has removed all trading fees for its Spot Bitcoin ETFs until March 31, 2025, according to an announcement by the company. With the crypto asset’s latest surge, VanEck is inviting new holders to invest without any added fees.
“Because we believe in Bitcoin so much, starting tomorrow, you can invest in VanEck Bitcoin Trust (HODL) with no fees until March 31st, 2025,” an X post by VanEck reads. The post goes on to include important fine print regarding the promotion.
“During the period commencing on March 12, 2024, and ending on March 31, 2025, the Sponsor will waive the entire Sponsor Fee for the first $1.5 billion of the Trust’s assets,” the post continues. “If the Trust’s assets exceed $1.5 billion prior to March 31, 2025, the Sponsor Fee charged on assets over $1.5 billion will be 0.20%. All investors will incur the same Sponsor Fee, which is the weighted average of those fee rates. After March 31, 2025, the Sponsor Fee will be 0.20%.”
Shares in VanEck’s HODL Bitcoin ETF are physically backed by Bitcoin and held in cold storage at a qualified custodian. It currently holds 297,864,414 net BTC. The HODL also has 3,800,000 shares outstanding.
Bitcoin has been on the climb since the approval of Bitcoin ETFs in January 2024. Earlier Monday, it surpassed the Swiss Franc for the 13th largest currency in the world. Now that VanEck is running this promotion to sway more clients to invest in Bitcoin without fees, other asset management firms may look to run similar promotions to support their Bitcoin ETFs.