VanEck Commits to Donating 5% of $BTC #ETF Profits to Bitcoin Developers at Brink
Asset manager VanEck, a potential Bitcoin ETF provider, plans to donate a portion of ETF profits to Bitcoin core developers upon approval. VanEck pledged 5% to developers through nonprofit Brink and made an initial $10,000 donation. The firm expressed gratitude for developers' dedication to decentralization and innovation. The #SEC is expected to decide on VanEck's spot Bitcoin ETF application soon, potentially attracting substantial traditional finance investment into crypto. The move aims to demonstrate commitment to the core Bitcoin industry by supporting developers and the ecosystem. VanEck is among firms awaiting an SEC decision, including #BlackRock , Bitwise, Fidelity, #grayscale , Valkyrie, Invesco, Galaxy, and WisdomTree.
This echoes a prior commitment where VanEck pledged 10% of profits from its Ether (ETH) futures ETF to Ethereum core developers. While some argue the impact of a US spot Bitcoin ETF may be limited, others predict a significant capital injection. The SEC must soon disclose its verdict, with analysts predicting approval by January 10 and a potential $10 billion inflow into Bitcoin ETFs within 12 months.
Source - Hassan Shittu @hassan-shittu
Website - Cryptonews
