VanEck to Donate 10% of Ethereum Strategy ETF Profits
Investment management firm VanEck recently announced that it will donate 10% of the profits generated from its Ethereum Strategy ETF (EFUT) to core Ethereum developers. This move aims to support the development and growth of the Ethereum ecosystem. The firm plans to divert the funds to the Protocol Guild, a collective of 152 Ethereum core protocol contributors, for a period of 10 years. VanEck’s decision demonstrates its appreciation for the relentless efforts and ongoing stewardship of these contributors in building and maintaining Ethereum’s infrastructure.
VanEck ETF Trading Schedule
The VanEck Ethereum Strategy ETF focuses on capital appreciation by investing in ether futures contracts. The fund became effective on September 29, 2023, but trading is not yet available. Bitwise has also confirmed that trading for two of its Ethereum-themed ETFs will begin on October 2. Additionally, there is anticipation that the U.S. Securities and Exchange Commission (SEC) will approve seven other Ethereum Futures ETF filings on the same day.
On the other hand, companies awaiting approval for spot Bitcoin ETFs, such as Blackrock, Bitwise, and Invesco, may face further delays due to the SEC’s postponement of their filings.
Hot Take: VanEck’s Donation Supports Long-Term Growth of Ethereum
VanEck’s decision to donate a portion of its Ethereum Strategy ETF profits to core developers is a significant move that will contribute to the long-term growth and development of the Ethereum ecosystem. By supporting these contributors through the Protocol Guild for a decade, VanEck acknowledges their crucial role in building and maintaining Ethereum’s infrastructure. This donation could potentially attract more attention and investment towards Ethereum, leading to a positive impact on its price and overall market sentiment.
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