VanEick Promises 5% Spot Bitcoin ETF Profits to Top Divs After SEC Approval

VanEck, an asset manager with a pending application for a spot Bitcoin (BTC) exchange-traded fund (ETF) with the United States Securities and Exchange Commission, said it plans to give some of the profits from the investment vehicle to the following major Bitcoin developers. Approval.

In a January 5 post on X (formerly Twitter), VanEck announced a 5% pledge to Bitcoin core developers through the non-profit organization Brink. The property management said it made a $10,000 donation to the developers despite the SEC giving the green light to the investment vehicle.

We are not Bitcoin tourists at VanEck. We are in it for the long haul. That's why we made an initial donation of $10K and pledged to donate 5% of Bitcoin ETF profits (if approved) to support Bitcoin Core devs @bitcoinbrink for at least 10 years. A relentless commitment to…

— VanEck (@vaneck_us) January 5, 2024

The SEC has not approved a spot BTC exchange fund to list on any US exchange at the time of publication, but many expect the commission to decide before the January 10th deadline for ARK Invest and 21Shares to apply. On January 4, VanEyck filed a notice with the SEC to list its Bitcoin ETF shares as securities on the Cboe BZX exchange.

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The asset manager is among those awaiting the SEC's decision, including BlackRock, Bitwise, Fidelity, Grayscale Valkyrie, Invesco Galaxy and WisdomTree. The company launched a media campaign in December, following similar advertising spots from Bitwise and Hashdex.

In September, VanEyck made a similar pledge to donate 10% of all profits from the Ether (ETH) Futures ETF to Ethereum's core developers for 10 years. The SEC has previously approved crypto investment vehicles tied to BTC and ETH futures, but any spot BTC ETF approval could have major implications for adoption.

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