Woofun AI reports that VanEck’s HODL Bitcoin ETF has concluded its promotional waiver period, a structural shift triggered by the fund’s failure to meet its asset growth targets. The cessation of fee relief is directly attributed to the product’s inability to scale sufficiently before the deadline.

The waiver mechanics were designed to cover the first $2.5 billion of trust assets through July 31, with any excess subject to a 0.20% weighted sponsor fee.

However, as of July 30, the fund’s assets stood $1.424 billion below this critical threshold. Consequently, the fund remained fully covered by the waiver through its final day, as the threshold was not breached.

Per Woofun AI, the financial impact translates to approximately $2.15 million in annual sponsor fees for the fund, or $20 per year for every $10,000 invested. This figure represents only the sponsor fee, excluding brokerage commissions, bid-ask spreads, premiums or discounts to net asset value, taxes, and other recurring costs. Relative to peers, HODL’s fee structure positions it competitively but not uniquely, tying with one rival while falling between two others.

The zero-fee period has ended on the calendar, without the $2.5 billion threshold coming into play. This outcome marks a definitive transition from promotional pricing to standard operational costs for the fund.