Investment firm VanEck has pledged 5% of its potential profits from its spot Bitcoin exchange-traded fund (ETF), if approved, to Bitcoin core developers at Brink.
Investment firm VanEck has pledged 5% of its potential profits from its spot Bitcoin exchange-traded fund (ETF), if approved, to Bitcoin core developers at Brink. VanEck claimed that they are “in it for the long haul” and plan to support the Bitcoin developers for at least 10 years with proceeds from the profits from the potential spot Bitcoin ETF.
VanEck has also made an initial $10,000 donation to Brink to support its work. Brink is a non-profit organization founded in 2020 to boost the Bitcoin protocol through research and development, and by supporting the Bitcoin developer community.
It has a fellowship program to onboard new software engineers into Bitcoin development and a grants program for existing Bitcoin developers. In June 2023, Brink received $5 million of funding from Jack Dorsey's Smart Small funding initiative. More recently in December 2023, billionaire investor Tim Draper donated $150,000 to support the Bitcoin developers.
If VanEck's spot Bitcoin ETF is approved, alongside 12 other ETF applicants, it would be the first such ETF to list in the United States. The approval of a spot Bitcoin ETF would be a major milestone for the cryptocurrency industry, as it would provide investors with a regulated and convenient way to gain exposure to Bitcoin.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
