VanEck's Bitcoin ETF Nets $120M Inflows in 12 Months After Fee Cut

VanEck announced it is waiving the management fee for its spot Bitcoin exchange-traded fund (ETF), $HODL, for the next 12 months, leading to a record-breaking single-day inflow of nearly $120 million. This strategic move resulted in VanEck's products surpassing $1 billion in inflows, significantly outperforming GBTC's $494 million in outflows, and pushing the total assets under management to just shy of $60 billion. The trading volume for $HODL also reached approximately 10 times its 30-day average, indicating strong investor interest. This was part of a broader market impact, with the second biggest volume day for VanEck, seeing $8.5 billion in trades. Following the fee waiver, over $200 million was poured into the fund. CEO Jan van Eck discussed the ETF's long-term strategy and competitive positioning in light of these developments.