HODL Bitcoin ETF — Ratio, Holdings & Conversion
VanEck's spot Bitcoin ETF with Gemini as primary custodian — one of only two non-Coinbase custody arrangements among major Bitcoin ETFs. Sponsor fee waived to 0% through July 31, 2026.
Key Stats
How the HODL Ratio Works
The BTC-per-share ratio represents the exact amount of Bitcoin that backs each HODL share. NAV-derived estimate, split-adjusted (4:1 split Feb 14, 2025) is used to determine this value. The ratio decreases slowly over time as the 0.20% annual management fee is deducted from fund assets.
How to Convert HODL Shares to BTC
Shares to BTC: Multiply the number of shares by the BTC-per-share ratio.
Example: 100 HODL shares × 0.000284 = 0.0284 BTC
Strike to BTC price: Divide the HODL strike price by the ratio.
Example: $28 strike ÷ 0.000284 ≈ $100,000 BTC
Shares per 1 BTC: 1 ÷ 0.000284 ≈ 3,521 shares
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HODL Price History →Convert HODL strikes and premiums to BTC prices with live data.
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FAQ
How many HODL shares equal one Bitcoin?
Each HODL share represents approximately 0.000283 BTC (as of early 2026, split-adjusted). This means roughly 3,534 shares of HODL equal one Bitcoin. This ratio decreases slowly over time as the fund sells Bitcoin to pay its 0.20% annual expense ratio, though the fee is currently waived to 0% through July 31, 2026.
How do I convert HODL shares to a BTC equivalent value?
Multiply the number of HODL shares you own by the current BTC-per-share ratio (approximately 0.000283). For example, 1,000 shares × 0.000283 = 0.283 BTC equivalent. Note: HODL underwent a 4-for-1 stock split on February 14, 2025, so historical per-share data before that date reflects the pre-split ratio.