VanEck Eliminates Management Fees for Bitcoin Spot ETF, Drives $119 Million in Investments in One Day

VanEck’s announcement of waiving management fees for its Bitcoin Spot ETF resulted in a record wave of investments.

VanEck announced it is waiving fee for next 12mo for $HOLD and immediately shatters its personal flow record w $119m which added to the Nine’s $1b in flow yest (i think record) which was more than enough to outdo GBTC’s $494m in outflows. Assets in the ten a hair away from $60b. pic.twitter.com/55tNol99r2

— Eric Balchunas (@EricBalchunas) March 12, 2024

Zero Fees: A Strategy of Massive Appeal

In a race to attract investors, VanEck has gained an edge by announcing the elimination of management fees for its Bitcoin Spot ETF (HODL). This maneuver, limited to one year or until reaching $1.5 billion in assets under management, has generated an unprecedented enthusiasm, as evidenced by a record influx of $119 million in a single day.

Thanks to this bold strategy, VanEck’s Bitcoin Spot ETF has not only increased its portfolio by over 1,600 bitcoins but has also climbed the ranks to become the sixth-largest listed Bitcoin ETF in the United States, surpassing competitors such as Invesco (BTCO) and Valkyrie (BRRR).

A Context of Accelerated Growth

The timing of this initiative coincides with a prosperous period for Bitcoin, with prices surpassing $72,000, reaching new highs. Bitcoin Spot ETFs, in general, are experiencing a continuous influx of investments, reaching new records in volume and inflow.

VanEck Eliminates Management Fees for Bitcoin Spot ETF, Drives $119 Million in Investments in One Day