VanEck Pledges 5% of Bitcoin ETF Profits to Developers
A surge of investment firms has initiated filings with the Security and Exchanges Commission (SEC), seeking approval for a groundbreaking Bitcoin spot ETF in the United States.
Should this gain regulatory consent, it would mark a pioneering opportunity for exposure to Bitcoin (BTC) within the spot market through an ETF.
VanEck, a notable investment firm managing assets totaling $76.4 billion as of September 2023, stands among these applicants. In a compelling move, VanEck has publicly committed to contributing 5% of the prospective profits from its Bitcoin spot ETF to foster the growth of Bitcoin’s open-source development.
The announcement of this commitment emerged on January 5, coinciding with an initial donation of $10,000.
VanEck has designated Brink (@bitcoinbrink, on X) as the chosen avenue for its donations, specifically aimed at fortifying the Bitcoin Core software.
Notably, Brink was established by Mike Schmidt, formerly a product manager at Blockstream, with a mission to financially back, educate, and mentor Bitcoin developers. Presently, the institution’s Grant Committee, helmed by Dave Harding, Christian Decker, and Gloria Zhao, sponsors seven Core developers.
However, despite VanEck’s public commitment, certain influential voices within the cryptocurrency community have expressed reservations post this announcement. Notably, Joel Valenzuela and Toby Cunningham directly aired skepticism on VanEck’s original statement, hinting at potential ulterior motives.
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It’s pertinent to acknowledge that VanEck had previously made a comparable commitment in relation to Ethereum, reported by CoinDesk in October 2023. In that instance, the firm vowed to allocate 10% of its Ethereum Futures ETF profits toward supporting Ethereum developers.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
