VanEck’s Bitcoin ETF Gains $109 Million Net Asset, Holds $619 Million Bitcoin in Q1

Bitcoin Bitcoin ETF VanEck

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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May 14, 2024 01:58 EDT

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VanEck’s spot Bitcoin exchange-traded fund (ETF) experienced significant growth in the first quarter of 2024.

According to VanEck Bitcoin Trust’s recent filing with the Securities and Exchange Commission (SEC), the HODL Bitcoin ETF saw an increase of $109 million in net asset for the first fiscal quarter of 2024, which concluded on March 31.

Bitcoin ETF’s Gains and Ethereum ETF’s Anticipated Rejection

The filing also indicated that HODL held 8,711 BTC, costing $515 million and valued at $619 million. The ETF also reported liabilities of $20 million and a net realized gain of $6 million. Additionally, the fund had 8.2 million shares outstanding as of April 30, 2024.

The SEC approved VanEck and 10 other Bitcoin ETFs on Jan. 10, 2024, marking a historical milestone for the cryptocurrency industry.

VanEck CEO Jan van Eck expressed skepticism about the SEC’s approval of spot Ethereum ETFs during a CNBC interview on April 9. He indicated that he expected his firm’s application to likely be rejected.

VanEck and Cathie Wood’s ARK Invest were early to file for Ethereum ETFs in the United States. They are both awaiting a final decision, due on May 23 and May 24 respectively.

Advisor Expresses Concerns and Criticism

Previously on March 27, VanEck advisor Gabor Gurbacs criticized current crypto regulations for stifling innovation.

Gurbacs’s concerns were sparked by the instability in the crypto industry, which he attributed to inadequate regulatory frameworks, especially following the SEC’s delay in potentially approving the Ethereum ETF applications.

“I am personally unhappy with how regulators in developed markets managed the first decade of digital asset regulation,” said Gurbacs. “They manage to simultaneously enable scammers, hamper actual innovation and protect incumbents on the expense of those building better systems.”

I am personally unhappy with how regulators in developed markets managed the first decade of digital asset regulation. They manage to simultaneously enable scammers, hamper actual innovation and protect incumbents on the expense of those building better systems.

— Gabor Gurbacs (@gaborgurbacs) March 27, 2024

“It’s not excusable or tolerable to prioritize personal/political interests and senseless bureaucracy over national interests and capital formation. Not ever but particularly not in the economic condition where the world is now,” stated Gurbacs.