VanEck Pledges 5% of Bitcoin ETF Profits for Developers
Amid swelling anticipation of the first U.S. spot Bitcoin ETF approvals, investment giant VanEck this week announced commitments highlighting they are not Bitcoin tourists. The pledge features a 10-year promise to fund Bitcoin’s open-source developers alongside an initial $10,000 grant.
The pledge rings familiar from VanEck’s support of Ethereum developers tied to its successful ETH futures ETF launch last year.
Key Details:
- VanEck signs a 10-year pledge backed by 5% of potential Bitcoin ETF profits.
- An initial $10K grant is to be given to leading core protocol developer group Brink.
- Follows its October promise to support Ethereum developers.
- One of over a dozen contenders awaiting an SEC spot Bitcoin ETF application verdict.
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VanEck said donations will help sustain the Bitcoin ecosystem
In its announcement, VanEck said the donations will help sustain “the cornerstone of the Bitcoin ecosystem” in the tireless developers driving continuous improvement.
By putting potential capital behind the mission, VanEck spotlights its role in advocating for Bitcoin itself rather than just an ETF vehicle expected to unlock billions in investments.
The initial grant recipient, Bitcoin Brink, focuses on supporting independent Bitcoin Core contributors, often reliant on community funding. Renewing grants via tapped ETF revenues would provide sustainable assistance to these efforts.
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VanEck maintains one of several spot Bitcoin ETF applications widely anticipated to get approval from the SEC in the coming weeks. Private meetings this month between regulators and exchanges reinforced insider reports of breakthroughs.
In that context, even though there is no foolproof guarantee of Bitcoin ETF approval, the anticipation is only ramping up in 2024. While advisors and ETF analysts make mixed predictions, the approval of Bitcoin spot ETFs can likely drive crypto investment in the US.
