At a glance
HODL charges 0.2% a year, below the 0.37% average of the 7 funds most like it (the 3rd cheapest of 8). It has $958.8M in assets, the 7th largest of that group. Over the past year it returned −29.8% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
VanEck Bitcoin ETF (HODL) holds bitcoin directly with third-party custodians and aims to track bitcoin's price, minus expenses. It is a grantor trust, not a traditional 1940 Act fund. Its 0.20% sponsor fee is below the 0.37% average of similar funds that hold bitcoin directly. It is also one of the smaller ones, with about $959 million in net assets as of June 30, 2026.
Price history
The interactive chart needs JavaScript.
HODL -29.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| HODL price data to Oct 27, 2026 | -7.8% | -29.8% | — | — | — | +21.5% |
- Over the year to Oct 27, 2026, HODL returned -29.8%, 1st of 8 among similar funds.
- Its worst full calendar year was 2025 (-6.4%); its best was 2025 (-6.4%).
- The deepest fall in its price history was 53.2% (Oct 6, 2025 to Jun 30, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -7.8% |
| 2025 | -6.4% |
| 2024 | +99.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
The trust holds bitcoin directly, worth $958.8M as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
The trust's objective is to reflect the price of bitcoin, minus its expenses. It owns just one asset, so there is no stock picking, weighting or rebalancing. Its bitcoin is valued using the MarketVector Bitcoin Benchmark Rate. That reference price is run by MarketVector, a VanEck subsidiary, and calculated by CryptoCompare Data Limited. The trust is passive. It won't sell when prices look high, add more when they look low, or hedge against price drops.
Gemini Trust Company holds the bitcoin, and Coinbase Custody Trust Company acts as an additional custodian. State Street handles administration and holds the trust's cash. New shares are created, and old ones redeemed, only in blocks of 25,000 shares. Only authorized participants, which are large broker-dealers, can do this. They can deliver bitcoin itself or cash. With cash, the sponsor purchases bitcoin from a trading firm called a liquidity provider. The trust also sells small amounts of bitcoin to pay its 0.20% sponsor fee, so the bitcoin behind each share slowly shrinks.
HODL is a grantor trust registered under the Securities Act of 1933. Most ETFs are investment companies under the Investment Company Act of 1940; HODL is not, so it lacks some fund-specific investor protections. Share counts reflect a 4-for-1 split on February 14, 2025.
What it really costs
- HODL charges 0.2% a year, versus an average of 0.37% for the similar funds below (3rd of 8, cheapest first).
Structure and tax notes
- Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
- Holds a cryptocurrency directly. Prices can swing far more than stocks, and the fund holds no income-producing assets.
In a retirement portfolio
A single, highly volatile asset with no income and under three years of history suits a small position next to a diversified core, if it is held at all.
HODL launched on January 11, 2024, so it has no record from the 2008, 2020 or 2022 market crashes. Bitcoin itself fell from $68,789 to $15,460 between November 2021 and November 2022, according to the trust's annual report. The fund's own deepest drop was 53.2%, from October 6, 2025 to June 30, 2026. It had not recovered as of October 27, 2026. Its worst calendar year, 2025, shows a loss of only 6.4%, because that slide spanned two years. Someone who needed to sell shares during that stretch could have sold at about half the peak value.
HODL pays no income, so the only way to draw cash from it is to sell shares. Its 0.20% sponsor fee is low for this group of funds. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want bitcoin price exposure in a regular brokerage account without managing wallets, private keys or crypto exchange accounts.
- Cost-conscious holders: the 0.20% sponsor fee is below the 0.37% average for similar funds that hold bitcoin directly.
- People planning a small, higher-risk position who could sit through drops like the 53.2% fall from October 2025 to June 2026.
Look elsewhere if
- Retirees who need income: HODL has paid no distributions, and bitcoin earns no interest or dividends.
- Anyone who may need to sell in a downturn: one-year volatility was 48.5%, and the fund hadn't regained its October 2025 peak by October 27, 2026.
- Investors who want 1940 Act fund protections or a larger fund: HODL is a grantor trust and ranks 7th of 8 by size among peers.
Close alternatives
Matched by other funds that hold bitcoin directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| HODL this fund | 0.2% | $958.8M | -29.8% | — |
| IBIT iShares Bitcoin Trust ETF | 0.25% | $43.40B | -30.4% | — |
| FBTC Fidelity Wise Origin Bitcoin Fund | 0.25% | $10.31B | -30.0% | — |
| GBTC Grayscale Bitcoin Trust ETF | 1.5% | $8.14B | -30.8% | — |
| ARKB ARK 21Shares Bitcoin ETF | 0.21% | $1.89B | -29.9% | — |
| BTC Grayscale Bitcoin Mini Trust ETF | 0.15% | $3.19B | -29.9% | — |
| BITB Bitwise Bitcoin ETF Trust | 0.2% | $2.13B | -30.0% | — |
| BRRR Coinshares Valkyrie Bitcoin Fund | 0% | $342.4M | -30.0% | — |
Questions investors ask
Does HODL pay dividends?
No. The VanEck Bitcoin ETF has made no distributions, and it isn't designed to. Its only main asset is bitcoin, which pays no interest or dividends. Instead, the trust sells small amounts of bitcoin to pay its 0.20% sponsor fee and any other expenses. That means the bitcoin behind each share shrinks slightly over time. Any return comes only from changes in bitcoin's price.
What's the difference between HODL and IBIT?
Mainly cost and size. Both are grantor trusts that hold bitcoin directly and aim to track its price. HODL charges a 0.20% sponsor fee, and the iShares Bitcoin Trust ETF (IBIT) charges 0.25%. IBIT is far larger, with about $43.4 billion in net assets as of June 30, 2026, against about $959 million for HODL. Their one-year returns were similar: -29.8% for HODL as of October 27, 2026, and -28.2% for IBIT as of October 30, 2026.
Is HODL a good investment for retirement?
HODL is a high-risk holding, not a core retirement fund. It tracks the price of one asset, pays no income and has swung sharply. It fell 53.2% from October 6, 2025 to June 30, 2026 and had not recovered as of October 27, 2026. Its one-year return to that date was -29.8%. It may suit investors who want a small position and could hold through long slumps without needing to sell.
Who holds the bitcoin in VanEck's HODL ETF?
Two outside custodians hold it. Gemini Trust Company, LLC is the main bitcoin custodian, and Coinbase Custody Trust Company, LLC is the additional custodian. State Street Bank and Trust Company is the administrator, transfer agent and cash custodian. The sponsor is VanEck Digital Assets, LLC, a subsidiary of VanEck. Shareholders own a fractional interest in the trust, not coins in their own wallets. Only authorized participants can redeem shares, in blocks of 25,000.
What is HODL's expense ratio?
HODL's sponsor fee is 0.20% a year. That is below the 0.37% average for the similar funds that hold bitcoin directly that we compare it with, and it ranks 3rd lowest of 8. The Grayscale Bitcoin Mini Trust ETF (BTC) charges 0.15%. The Bitwise Bitcoin ETF Trust (BITB) also charges 0.20%. The Grayscale Bitcoin Trust ETF (GBTC) charges 1.5%. HODL pays its fee by selling bitcoin, not by billing shareholders.