VanEck Commits 5% Spot Bitcoin ETF Profits to Bitcoin Core Devs

• The asset management firm has already donated $10,000 to the developers.
• VanEck stated in a tweet that it will be donating 5% of its profits to BTC core developers.

According to asset manager VanEck, which is now in the process of applying for a spot Bitcoin exchange-traded fund with the U.S SEC, they want to give back to the Bitcoin core developers when the fund is approved.

In anticipation of the possible acceptance of its spot Bitcoin ETF application, VanEck stated in a January 5th tweet that it will be donating 5% of its profits to BTC core developers via the non-profit organization Brink.

Highly Anticipated Approval

Similarly, VanEck promised in September that for the next decade, it will send 10% of its Ether futures ETF revenues to the Ethereum core devs. Approval of a spot BTC ETF might have far-reaching repercussions for adoption, while the SEC has already authorized crypto investment vehicles linked to BTC and ETH futures.

Regardless of the SEC’s decision about the investment vehicle, the asset management firm has already donated $10,000 to the developers, according to the company.

Even though the SEC has not yet given its approval for a spot Bitcoin exchange-traded fund to list on any U.S. exchange, many are waiting for a decision before the January 10th deadline for applications from 21Shares and ARK Invest. VanEck sent a notification to the SEC on January 4 in order to register its shares of Bitcoin ETFs as securities on the Cboe BZX Exchange.

Along with the asset management, several financial giants are among the others that are anticipating a ruling from the SEC. After Bitwise and Hashdex ran comparable ads in December, the company decided to begin its own marketing campaign.

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