May 29, 2024
Bitcoin ETF Hopeful VanEck Vows to Support Core Developers Post-Approval
Latest Cryptocurrency News

VanEck Plans Bitcoin ETF Profit Allocation to Developer

VanEck, an asset manager seeking approval for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), announced intentions to allocate a portion of the investment vehicle’s profits to Bitcoin core developers upon approval. Through a Jan. 5 post on X (formerly Twitter), VanEck disclosed a commitment to allocate 5% of profits to BTC core developers via the nonprofit organization Brink, pre-empting the potential approval of their spot Bitcoin exchange-traded product application.

Regardless of the SEC’s decision on the investment vehicle, VanEck had already donated $10,000 to these developers. Notably, no spot BTC ETF has received SEC approval for a U.S. exchange listing as of publication time, with high expectations for a decision before the Jan. 10 deadline set for an application from ARK Invest and 21Shares.

VanEck submitted a notice to the SEC on Jan. 4, seeking registration of its Bitcoin ETF shares as securities on the Cboe BZX Exchange. Among the multitude of firms awaiting the SEC’s verdict are BlackRock, Bitwise, Fidelity, Grayscale Valkyrie, Invesco Galaxy, and WisdomTree. In December, VanEck initiated a marketing campaign akin to similar advertisements by Bitwise and Hashdex.

Notably, in September, VanEck pledged to donate 10% of its Ether Futures ETF profits to Ethereum core developers over a decade. While the SEC has previously sanctioned crypto investment vehicles tied to BTC and ETH futures, the approval of a spot BTC ETF carries significant implications for widespread adoption.

Image by freepik

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