Asset management company VanEck has declared that should the fund be authorized, it will provide five percent of the earnings from its proposed Bitcoin exchange-traded fund (ETF) to Bitcoin developers Brink. Currently pending a decision from the U.S. Securities and Exchange Commission (SEC) are over a dozen applications, including VanEck’s application to establish a spot bitcoin ETF in the country. In the upcoming days, it is anticipated that the market regulator will authorize the fund’s listing.
It is expected that the traditional finance sector will invest much more in cryptocurrencies if spot bitcoin ETFs are introduced. Although the established cryptocurrency community is generally in favour of this, there might be disagreements in specific places. Companies such as VanEck want to show that they are dedicated to the core Bitcoin market by supporting developers and other community members. “At VanEck, we’re not Bitcoin tourists,” VanEck said on Friday. We have the long term in mind. We are here to support Brink’s unwavering commitment to innovation and decentralisation, which is the foundation of the Bitcoin ecosystem.
This commitment is comparable to VanEck’s October 2017 pledge to provide 10% of its Ether Futures ETF revenues to Ethereum developers. The cryptocurrency world is anxiously awaiting the SEC’s ruling on whether to approve a Bitcoin ETF.
