According to CoinDesk, asset management firm VanEck has announced that it will donate 5% of the profits from its prospective Bitcoin exchange-traded fund (ETF) to Bitcoin developers Brink, if the fund is approved. VanEck's application to list a spot bitcoin ETF in the U.S. is among over a dozen currently awaiting a decision from the U.S. Securities and Exchange Commission (SEC). The market regulator is expected to approve the listing of such a fund in the coming days.
The introduction of spot bitcoin ETFs is anticipated to significantly increase investment into cryptocurrency from the traditional finance world. While this is largely welcomed by the incumbent crypto community, there may be friction in some quarters. Providers like VanEck aim to demonstrate their commitment to the core Bitcoin industry by giving back to developers and others. VanEck stated on Friday, 'We’re not Bitcoin tourists at VanEck. We’re in it for the long haul. Brink's tireless dedication to decentralization and innovation is the cornerstone of the Bitcoin ecosystem, and we're here to support it.'
This pledge is similar to VanEck's promise in October last year to donate 10% of profits from its ether futures ETF to Ethereum developers. The SEC's decision on the approval of a Bitcoin ETF is eagerly awaited by the crypto community.
