VanEck's Bitcoin ETF added $109 million in net assets during the first quarter, holding approximately $619 million worth of Bitcoin during the period.

VanEck's Bitcoin exchange-traded fund (ETF) witnessed significant growth during the first quarter of 2024. According to VanEck Bitcoin Trust's filing with the Securities and Exchange Commission (SEC), the HODL Bitcoin ETF experienced an increase of $109 million in net assets during the first fiscal quarter of 2024, which ended on March 31.The filing also revealed that HODL held 8,711 Bitcoin worth $515 million, with an estimated value of $619 million. Additionally, the ETF reported liabilities of $20 million and a net realized gain of $6 million. As of April 30, 2024, the fund had 8.2 million shares outstanding.The SEC's approval of VanEck and ten other Bitcoin ETFs on January 10, 2024, marked a significant milestone for the cryptocurrency industry.VanEck CEO Jan van Eck expressed skepticism about the SEC's approval of spot Ethereum ETFs during an interview with CNBC on April 9. He suggested that his company's application was likely to be denied.VanEck and Cathie Wood's ARK Invest were among the first to file for Ethereum ETFs in the United States. They await a final decision, expected on May 23 and May 24 respectively.Previously, on March 27, VanEck advisor Gabor Gurbacs criticized existing crypto regulations for hindering innovation. Gurbacs attributed the instability in the crypto sector to inadequate regulatory frameworks, citing the SEC's delay in potentially approving Ethereum ETF applications. He expressed disappointment with the way regulators in developed markets had managed digital asset regulation over the past decade, alleging that they simultaneously enabled scams, stifled innovation, and protected established players at the expense of those developing better systems. Gurbacs emphasized that prioritizing personal interests, bureaucracy, and outdated practices over national interests and capital formation was unacceptable, especially in the current economic climate.