VanEck Pledge 5% Bitcoin ETF Profits to Core Developers

Investment management firm VanEck recently disclosed its plan to support Bitcoin Core developers with 5% of the profits from its proposed Spot Bitcoin exchange-traded fund (ETF) if approved by the U.S. Securities and Exchange Commission (SEC). 

VanEck, as one of the several applicants for the spot Bitcoin ETFs made this significant announcement as the approval date by the agency could be fast approaching.  

VanEck Shows Support to Bitcoin Core Developers

In a post on X (formerly Twitter), VanEck pledged to donate 5% of its profits from its Bitcoin ETF (if approved) to Brink, a non-profit organization dedicated to supporting Bitcoin developers. 

“We’re not Bitcoin tourists at VanEck. We’re in it for the long haul. 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”, the firm said

VanEck’s decision to donate a percentage of its profits from the ETF to Bitcoin core developers aims to appreciate them for their immense contributions to enhancing and maintaining the network’s growth and security. It also indicates the firm’s deep understanding of the vital role these developers play. 

The Bitcoin developer’s voluntary work ensures that the blockchain remains resilient and adaptable to technological changes and potential security threats. 

Apart from the pledge, VanEck had already demonstrated its commitment to supporting Bitcoin core developers by making an initial donation of $10,000 to Brink.

Notably, the firm’s pledge to allocate 5% of profits generated from their Bitcoin ETF to Bitcoin core developers will be for at least 10 years. This decision portrays the firm’s long-time commitment to the sustainability and continuous improvement of the Bitcoin network.

Furthermore, this support is vital for the network’s evolution, especially as it faces an ever-evolving landscape of digital finance and cybersecurity challenges.

VanEck’s Previous Support to Developers 

VanEck’s recent support to network developers is not the first. Last year, the asset management firm made a similar pledge to donate 10% of profits from an ether futures ETF to the Ethereum ecosystem. 

With the imminent arrival of spot Bitcoin ETFs expected to potentially herald a new era in the crypto landscape, VanEck’s proactive engagement with Bitcoin core developers demonstrates the firm’s long-term vision in the industry and also fosters goodwill within the crypto community