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 0.20% (a 0% launch waiver ran through July 31, 2026).
FILED · 08-18
- Source
- VanEck published NAV ÷ BTC 4pm-ET fixing window
- As of
- 2026-08-18
- Snapshot refreshed
- 2026-08-19
≤ filed maximum ✓ — a fee-only trust's ratio can only decline between filings.
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 × 0.0002829 = 0.0283 BTC
Strike to BTC price: Divide the HODL strike price by the ratio.
Example: $28 strike ÷ 0.0002829 ≈ $100,000 BTC
Shares per 1 BTC: 1 ÷ 0.0002829 ≈ 3,535 shares
For more Bitcoin ETF guides and resources, visit our education hub.
View HODL daily prices, interactive charts, annual returns, and BTC equivalents.
HODL Price History →Convert HODL strikes and premiums to BTC prices with live data.
Open HODL Calculator →See how HODL stacks up against the competition in our Best Bitcoin ETF in 2026 guide.
FAQ
How many HODL shares equal one Bitcoin?
Each HODL share currently represents approximately 0.0002829 BTC (split-adjusted). This means roughly 3,535 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; VanEck’s 0% fee waiver ran only 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 0.0002829). For example, 1,000 shares × 0.0002829 = 0.2829 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.