Table of ContentsToggle
VanEck, a prominent asset management firm, has announced a significant pledge in the cryptocurrency space. The company, which has a pending application for a spot Bitcoin (BTC) exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC), plans to donate a portion of its profits to Bitcoin core developers.
VanEck’s Pledge to Bitcoin Core Developers
In a recent announcement on X (formerly Twitter), the asset manager revealed its commitment to donate 5% of the profits from its potential spot Bitcoin ETF to Bitcoin core developers through the nonprofit organization Brink. This pledge is set to take effect following the approval of its spot Bitcoin ETF application. Additionally, VanEck has already made an initial donation of $10,000 to the developers, showcasing its dedication to the Bitcoin ecosystem.
We’re not Bitcoin tourists at VanEck. We’re in it for the long haul. That’s why we made an initial $10k donation and signed a pledge to donate 5% of our Bitcoin ETF profits (if approved) to support Bitcoin Core devs @bitcoinbrink for at least 10 years. Your tireless dedication to… — VanEck (@vaneck_us) January 5, 2024
The SEC has not yet approved a spot BTC ETF for listing on any U.S. exchange. However, the commission is expected to make a decision ahead of a January 10 deadline for an application from ARK Invest and 21Shares. The asset manager has also filed a notice with the SEC to register its Bitcoin ETF shares as securities on the Cboe BZX Exchange.
Another Pledge By VanEck
The company’s pledge is part of a larger trend of asset managers awaiting SEC decisions on various cryptocurrency-related products. Other firms, including BlackRock, Bitwise, Fidelity, Grayscale Valkyrie, Invesco Galaxy, and WisdomTree, are also in the queue. In September, VanEck made a similar commitment to donate 10% of all profits from its Ether (ETH) futures ETF to Ethereum core developers for 10 years.
The approval of a spot BTC ETF could have far-reaching implications for cryptocurrency adoption and the broader financial markets. The asset manager’s pledge to support Bitcoin core developers highlights the firm’s long-term commitment to the cryptocurrency ecosystem and its belief in the potential of these digital assets.
Comments