Bitcoin ETF By VanEck To Benefit BTC Core Developers With 5% Profit Donation

VanEck, one of the 14 asset managers vying for approval from the US Securities and Exchange Commission (SEC) for a Bitcoin ETF, has made a significant commitment to support Bitcoin core developers and contribute to the growth of the ecosystem. 

Long-Term Support For Bitcoin Core Developers 

In a recent post on X (formerly Twitter), the investment firm has pledged to donate 5% of the potential profits from a spot Bitcoin ETF to Brink, an organization supporting Bitcoin Core developers.

By pledging 5% of the ETF’s profits, VanEck aims to provide sustainable financial support to the developers associated with Brink, ensuring their continued efforts to drive decentralization and foster innovation within the Bitcoin ecosystem. 

In addition to the pledge, VanEck has already made a $10,000 donation to Brink, further contributing to the growth and development of the Bitcoin ecosystem. The investment firm stated:

We’re not Bitcoin tourists at VanEck. We’re in it for the long haul. That’s why we made an initial $10k donation and signed a pledge to donate 5% of our Bitcoin ETF profits (if approved) to support Bitcoin Core devs @bitcoinbrink for at least 10 years. Your tireless dedication to decentralization and innovation is the cornerstone of the Bitcoin ecosystem, and we’re here to support it—more details to come.

VanEck’s CEO, Jan van Eck, has previously expressed optimism about Bitcoin, anticipating an all-time high within the next 12 months, highlighting the asset’s ongoing growth and potential.

SEC To Approve All 11 Bitcoin ETF Applications Simultaneously?

As anticipation builds around the upcoming decision by the US SEC regarding Bitcoin ETF applications, industry experts, including Eleanor Terret, a FOX reporter, and James Seyffart, a Bloomberg ETF expert, have been sharing their predictions on potential outcomes. 

Eleanor Terret highlights the intriguing possibility of the SEC approving all eleven BTC spot ETF applications at once, allowing them to commence trading on the same day. 

However, Terret also raises questions about the readiness of each applicant’s operational infrastructure and whether this may impact the actual launch date of each ETF.

James Seyffart responds to Terret’s remarks, stating that his base case scenario is the approval of all eleven BTC spot ETF applications simultaneously. 

Nevertheless, Seyffart acknowledges that operational readiness could be a factor for some applicants, potentially causing delays in their launch. While the approval of all eleven ETFs at once is not guaranteed, Seyffart believes that the majority of the applicants will be prepared to commence trading if approved by the SEC.

Overall, with the SEC decision on BTC spot ETF applications imminent, speculation is growing regarding the potential approval of all eleven ETFs simultaneously. 

A positive decision by the SEC to approve multiple ETFs simultaneously would provide investors with more options for gaining exposure to Bitcoin, potentially driving increased market participation and liquidity. 

Currently, Bitcoin is trading at $43,600, down over 1% in the past 24 hours, as the market awaits further updates regarding the Bitcoin ETF that could impact the price of Bitcoin.

Featured image from Shutterstock, chart from TradingView.com