US asset management giant VanEck is one of the 13 financial institutions that have submitted applications for a bitcoin spot ETF. Yesterday, 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 the core developers of bitcoin 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 first place)
(Background supplement: Wall Street giant VanEck predicts “Bitcoin will reach a new all-time high within a year”! All BTC spot ETF applications will be approved together)
Headquartered in New York, VanEck is a US asset management giant with assets under management exceeding $76.4 billion. It 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 for bitcoin spot ETFs among Wall Street giants has already begun.
Further reading: Bloomberg analyst: Bitcoin spot ETF “review has been completed”, SEC targets opening for trading on 1/11
VanEck: “5% profits from bitcoin spot ETF” 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, dedicated to supporting the bitcoin developer community through funding, education, and guidance. In June 2023, the organization received a $5 million financing from Twitter founder Jack Dorsey to fund 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 new all-time 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 new all-time high in the next 12 months, and he is optimistic that the SEC will approve all bitcoin spot ETF applications in the future, following the approach taken with Ethereum futures ETF.
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VanEck uses bitcoin as seed fund for spot ETF! Analyst: More confidence in listing
Bitcoin spot ETF is ready! Grayscale, Fidelity, Ark, Valkyrie…submit “registration statement” to the SEC
VanEck predicts: Bitcoin will break new all-time high by the end of 2024, Binance loses its leading position, US economy in decline…)