A recent filing with the Securities and Exchange Commission (SEC) sheds light on significant figures for the spot bitcoin exchange-traded fund (ETF) HODL, issued by the digital asset arm of investment manager VanEck.

For the first fiscal quarter ending March 31, 2024, HODL's bitcoin holdings amounted to 8,711 BTC, valued at $619,067,103. The fund experienced a net increase of $109 million in assets during this period, according to the filing released on Monday.

The ETF also reported total liabilities of $20 million and a net realized gain of $6 million on its bitcoin investment as of March 31. Additionally, the fund had 8.2 million shares outstanding as of April 30, 2024.

The VanEck Bitcoin Trust, trading under the ticker HODL, offers investors exposure to bitcoin without the need to hold the cryptocurrency directly. VanEck Digital Assets LLC sponsors the fund, and HODL's shares are listed on the Cboe BZX Exchange.

The SEC approved VanEck's HODL along with 10 other spot bitcoin ETFs on January 10, 2024. On May 10, HODL saw a trading volume of $8.1 million, according to The Block's Data Dashboard.

In the filing, VanEck also disclosed that its total expenses related to the sponsor fee were approximately $123,000. "The Trust pays the Sponsor a unified fee of 0.20% of net assets that accrues daily and pays monthly," VanEck noted. "Prior to February 21, 2024, the Sponsor fee was 0.25%. Effective from March 12, 2024, through March 31, 2025, the Sponsor agreed to waive the entire Sponsor Fee for the first $1.5 billion of the Trust’s net assets."

On February 20, the day before the sponsor fee change took effect, HODL experienced a dramatic increase in daily trading volume, surging 1,000% to $300 million from around 32,000 individual trades. The previous day's trading volume had been $25.5 million, The Block reported.

This surge in activity highlights the growing interest and confidence in the VanEck Bitcoin Trust as a viable investment vehicle for gaining exposure to bitcoin without the complexities of holding the cryptocurrency directly.