VanEck has announced that if the US Securities and Exchange Commission (SEC) approves its application for a spot Bitcoin exchange-traded fund (ETF), the asset management firm will allocate 5% of the
fund’s profits to support Bitcoin developers.
VanEck is among several other companies expecting validation of their applications to list spot Bitcoin ETFs in the US. The imminent approval for listing such a fund is
poised to attract unprecedented investment from traditional finance into the cryptocurrency space.
Acknowledging the potential surge in investment,
VanEck’s pledge to donate a percentage of its profits from spot Bitcoin ETF mirrors its prior
commitment to Ethereum developers, Coindesk reported. Its dedication to contributing 10% of the profit from
an ether futures ETF to the Ethereum ecosystem last year highlights the firm’s
involvement in supporting the blockchains of major cryptocurrencies.
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…
— VanEck (@vaneck_us) January 5, 2024
Amidst the anticipation of spot Bitcoin ETF
approval, 2023 saw a resurgence in crypto investments. There was $2.25 billion
worth of inflows into the sector, the third-largest since 2017, Finance Magnates reported.
This boost stands in stark contrast to 2022, when inflows amounted to $831 million. The digital asset industry witnessed rising investments during the latter half of 2023, as the digital asset industry anticipated the approval of the first spot Bitcoin ETF in the US.
Notably, Bitcoin emerged as the primary beneficiary,
capturing $1.9 billion in inflows. This represents 87% of the total inflows, the most significant
share ever recorded.
Corporate Giants Enter Bitcoin ETF Arena
Recently, reports surfaced that Goldman Sachs was
exploring possible collaboration for spot Bitcoin ETFs. These
reports indicate that the asset management giant is contemplating acting as an authorized
participant for the proposed spot Bitcoin ETFs by BlackRock and Grayscale.
Goldman Sachs’ consideration mirrors a broader trend
among major US banks like JPMorgan Chase, Jane Street, and Cantor Fitzgerald,
who are eyeing participation in forthcoming spot Bitcoin ETFs.
Last year, BlackRock enlisted JP Morgan Securities and Jane
Street as authorized participants. This move underscored the important roles of these entities in streamlining ETF processes for efficient investor
engagement.
VanEck has announced that if the US Securities and Exchange Commission (SEC) approves its application for a spot Bitcoin exchange-traded fund (ETF), the asset management firm will allocate 5% of the
fund’s profits to support Bitcoin developers.
VanEck is among several other companies expecting validation of their applications to list spot Bitcoin ETFs in the US. The imminent approval for listing such a fund is
poised to attract unprecedented investment from traditional finance into the cryptocurrency space.
Acknowledging the potential surge in investment,
VanEck’s pledge to donate a percentage of its profits from spot Bitcoin ETF mirrors its prior
commitment to Ethereum developers, Coindesk reported. Its dedication to contributing 10% of the profit from
an ether futures ETF to the Ethereum ecosystem last year highlights the firm’s
involvement in supporting the blockchains of major cryptocurrencies.
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…
— VanEck (@vaneck_us) January 5, 2024
Amidst the anticipation of spot Bitcoin ETF
approval, 2023 saw a resurgence in crypto investments. There was $2.25 billion
worth of inflows into the sector, the third-largest since 2017, Finance Magnates reported.
This boost stands in stark contrast to 2022, when inflows amounted to $831 million. The digital asset industry witnessed rising investments during the latter half of 2023, as the digital asset industry anticipated the approval of the first spot Bitcoin ETF in the US.
Notably, Bitcoin emerged as the primary beneficiary,
capturing $1.9 billion in inflows. This represents 87% of the total inflows, the most significant
share ever recorded.
Corporate Giants Enter Bitcoin ETF Arena
Recently, reports surfaced that Goldman Sachs was
exploring possible collaboration for spot Bitcoin ETFs. These
reports indicate that the asset management giant is contemplating acting as an authorized
participant for the proposed spot Bitcoin ETFs by BlackRock and Grayscale.
Goldman Sachs’ consideration mirrors a broader trend
among major US banks like JPMorgan Chase, Jane Street, and Cantor Fitzgerald,
who are eyeing participation in forthcoming spot Bitcoin ETFs.
Last year, BlackRock enlisted JP Morgan Securities and Jane
Street as authorized participants. This move underscored the important roles of these entities in streamlining ETF processes for efficient investor
engagement.
