US asset management giant VanEck, one of the 13 financial institutions that have submitted applications for a Bitcoin spot ETF, announced on its official X platform yesterday that if their Bitcoin spot ETF is successfully approved, they will donate 5% of the profits from the product to Bitcoin’s core developers after it is listed.
(Previous Summary: If I were a spot ETF issuer, I would donate 1% of the revenue to BTC developers! Morgan Creek founder: Market share guarantees the first position.)
(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.)
Headquartered in New York, VanEck, a US asset management giant 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 reports indicate that the SEC is highly likely to approve the first spot ETF by January 10, and the prelude to the battle among Wall Street giants for Bitcoin spot ETFs has already begun.
Further reading: Bloomberg analyst: Bitcoin spot ETF “review is completed”, SEC aims to open for trading on 1/11.
VanEck: “5% of Bitcoin spot ETF revenue” 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 promise to donate 5% of the profits from the product to Brink’s Bitcoin core developers after it is listed.
Brink is a non-profit organization established in 2020, focusing on promoting Bitcoin protocol development, and aims to support the Bitcoin developer community through funding, education, and guidance. The organization received $5 million in funding from Twitter founder Jack Dorsey in June 2023 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 Coinpost, Jan Van Eck, CEO of VanEck, predicted in a CNBC interview last month that Bitcoin will reach a historical high in the next 12 months, and he is optimistic that the SEC will approve all Bitcoin spot ETF applications one day, following the approach taken with Ethereum futures ETF.
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