US asset management giant VanEck, one of the 13 financial institutions that have submitted applications for a Bitcoin spot ETF, announced yesterday on its official X platform that if their Bitcoin spot ETF is successfully approved, they will donate 5% of the product’s profits to Bitcoin core developers after it is listed.
(Previous summary: If I were a spot ETF issuer, I would donate 1% of revenue to BTC developers! Morgan Creek founder: Market share guaranteed to be the first)
(Background supplement: Wall Street giant VanEck predicts “Bitcoin to reach a new high within a year”! All BTC spot ETF applications will be approved together)
VanEck, headquartered in New York with assets under management exceeding $76.4 billion, is also one of the 11 financial institutions that have submitted applications for a Bitcoin spot ETF to the SEC.
Current multiple sources indicate that the SEC is highly likely to approve the first spot ETF before January 10th, and the prelude to the battle between Wall Street giants for Bitcoin spot ETFs has already begun.
Further reading: Bloomberg analyst: Bitcoin spot ETF “review has been completed”, SEC aims to open trading on 1/11
VanEck: “5% of Bitcoin spot ETF profits” will be donated to core developers
On Friday (1/5), VanEck announced on its official X platform that if their Bitcoin spot ETF is successfully approved, they will donate 5% of the product’s profits to Brink, a non-profit organization focused on advancing Bitcoin protocol development, after it is listed.
Brink is a non-profit organization established in 2020 that aims to support the Bitcoin developer community through funding, education, and mentoring. In June 2023, the organization received $5 million in funding from Twitter founder Jack Dorsey to support Bitcoin development work.
Coindesk pointed out that in October last year, VanEck also pledged to donate 10% of the profits from its Ethereum futures ETF to Ethereum developers.
VanEck CEO: Bitcoin will reach a historical high in 2024
According to previous reports by Doo Wan, Jan Van Eck, CEO of VanEck, predicted in an interview with CNBC last month that Bitcoin will reach a historical high in the next 12 months and expressed optimism that the SEC will follow the approach of Ethereum futures ETF and approve all Bitcoin spot ETF applications on a future date.
Related reports
VanEck uses Bitcoin as the seed fund for spot ETF! Analyst: More confident about listing
Bitcoin spot ETF is ready! Grayscale, Fidelity, Ark, Valkyrie…submit “SEC registration statement”