We Celebrate Bitcoin Builders—Not Tourists

We use the generic term “ETF” to refer to exchange-traded investment vehicles, including those that are required to register under the Investment Company Act of 1940, as amended (the “40 Act”), as well as other exchange-traded products which are not subject to the registration of the ‘40 Act.

An investment in the VanEck Bitcoin ETF involves significant risk, and may not be suitable for all investors. The Trust is not an investment company registered under the Investment Company Act of 1940 (“1940 Act”) or a commodity pool for the purposes of the Commodity Exchange Act (“CEA”). Shares of the Trust are not subject to the same regulatory requirements as mutual funds. As a result, shareholders of HODL do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.

We at VanEck are not tourists to bitcoin. For seven years—since 2017—we have been advocating for the approval of an ETF for investors to gain bitcoin exposure without the need for self-custody. In anticipation of this day, we have focused on educating the market through breakfast seminars in our midtown office, research papers, one-on-one meetings and more. We want clients to be as prepared as we are.

Neither have we badmouthed the concept of decentralized, opensource software. Bitcoin and blockchain technology are public goods. That’s why we’re donating 5% of our profits to Bitcoin core developers.

We understand to our core that investors need a hedge in their portfolios if and when governments lose control over the money supply. When U.S. spending was out of control in the 1960’s, my father launched the first gold share fund in the U.S., even though gold had been pegged against the dollar for about 190 years. Investing in gold bullion was illegal at the time. Three years later, the peg broke.

We also know that investing in bitcoin is difficult due to its newness and volatility, among other risks. This is why we scream for investors to dollar cost average—start right away (small) but dollar cost average over time and Hold On for Dear Life. Last, we put our money where our mouth is, by providing the biggest seed capital of any exchange-traded product—about $72 million at the time.¹

I would like to personally thank the crypto community for its warmth and creativity. From the whales to the youngest coders to anonymous posters, most have been genuine and sincere--and willing to educate me. Yes, there are scammers, too, but they are far outnumbered.

We ETF sponsors also stand on the shoulders of giants. We didn’t laugh, but listened, when Tyler and Cameron Winklevoss explained Bitcoin in 2013. And other ETF sponsors like Fidelity, Grayscale, Bitwise and Valkyrie have been contributors, not to mention regulators like former CFTC Chairman Chris Giancarlo, former acting Comptroller of the Currency Brian Brooks and SEC Commissioner Hester Pierce, who moved the bureaucracy.

Thank you, Satoshi, for launching this important financial freedom technology.

We celebrate Bitcoin builders—not tourists.