Investment giant VanEck has pledged to donate some of the profits from its Bitcoin (BTC) exchange-traded fund if it’s greenlit by the U.S. Securities and Exchange Commission (SEC).
VanEck is one of a slew of major financial firms to apply for a spot BTC ETF.
The company says they’re “not Bitcoin tourists” and want to support BTC development.
“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 [at Brink] for at least 10 years. 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.”
Brink is a project devoted to strengthening the Bitcoin protocol and network through research and development.
The SEC has to make its final decision regarding the application status of one of the exchange-traded fund applications, ARK 21 Shares Bitcoin ETF, by January 10th, leading prognosticators to predict the regulator will give a thumbs up or thumbs down to a group of applications on or by that date. Bloomberg ETF analysts think there is a 90% chance the SEC will greenlight the investment product.
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