Vaneck Commits to Donating 5% of Spot Bitcoin ETF Profits
Asset management firm Vaneck has announced its commitment to provide financial support to Bitcoin Core developers if its spot bitcoin exchange-traded fund (ETF) is approved by the SEC. Vaneck is one of 11 companies competing to launch the first U.S. spot bitcoin ETFs.
Vaneck expressed its dedication to the bitcoin ecosystem, stating that it is in the industry for the long term. The company has already made an initial $10,000 donation and has pledged to donate 5% of its bitcoin ETF profits for at least 10 years to support Bitcoin Core developers.
Support for Bitcoin Core Developers Continues
This move by Vaneck follows similar efforts from other industry players. In March, Marathon Digital Holdings and Brink collaborated to raise $1 million for Bitcoin Core developers, with Marathon matching all contributions. Venture capitalist Tim Draper and the Draper Foundation have also made donations to support Bitcoin Core developers through Brink, totaling $250,000 for the year.
Anticipating SEC Approval for Spot Bitcoin ETFs
The SEC is expected to make a decision on approving spot bitcoin ETFs next week. Vaneck has predicted that over $2.4 billion will be invested in newly approved U.S. spot bitcoin ETFs in the first quarter of 2024, which will help maintain the elevated price of bitcoin.
Hot Take: Asset Manager Vaneck Commits to Supporting Bitcoin Core Developers
Asset management firm Vaneck has taken a step forward in supporting the development of the Bitcoin Core network. If its spot bitcoin ETF is approved, Vaneck will donate 5% of its profits to Bitcoin Core developers for at least a decade. This commitment demonstrates the company’s long-term dedication to the bitcoin ecosystem and its recognition of the importance of decentralized innovation. Vaneck’s move follows contributions from other industry players, including Marathon Digital Holdings and Tim Draper, who have also prioritized supporting Bitcoin Core developers. With the SEC expected to make a decision on spot bitcoin ETFs soon, this commitment from Vaneck highlights the growing support and investment in the crypto industry.
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