VanEck Bitcoin ETF charges lower fees than BlackRock's iShares Bitcoin Trust, but there's a catch

If you’re shopping for a spot Bitcoin ETF purely on price, VanEck’s HODL is currently the cheapest option on the shelf. The fund is charging investors exactly nothing in fees right now, compared to the 0.25% expense ratio on BlackRock’s iShares Bitcoin Trust ETF (IBIT).

The reason is straightforward: VanEck is waiving its standard 0.20% sponsor fee on assets up to $2.5 billion through July 31, 2026. With HODL sitting at roughly $1.06 billion in assets under management, that waiver has plenty of runway left.

The fee math, and why it matters less than you think

Here’s the thing about ETF fees. On paper, paying 0% versus 0.25% looks like a no-brainer. For every $10,000 invested in IBIT, you’re handing BlackRock about $25 a year. HODL investors are paying zero. Over a multi-year holding period, that gap compounds.

IBIT commands somewhere between $53 billion and $58 billion in assets under management. That’s roughly 50 times the size of HODL. Scale like that translates directly into tighter bid-ask spreads, deeper order books, and better execution for large trades.