VanEckone of 14 asset managers vying for US Securities and Exchange Commission (SEC) approval for a bitcoin ETF, has made a major commitment to support core bitcoin developers and contribute to growth of the ecosystem.
Long-term support for bitcoin core developers
In a recent mail On X (formerly Twitter), the investment firm pledged to donate 5% of potential profits from a spot bitcoin ETF to Brink, an organization that supports bitcoin Core developers.
By pledging 5% of ETF profits, VanEck aims to provide sustainable financial support to developers associated with Brink, ensuring their continued efforts to drive decentralization and encourage innovation within the bitcoin ecosystem.
In addition to the promise, VanEck has already made a donation of $10,000 to Brink, further contributing to the growth and development of the bitcoin ecosystem. The investment firm stated:
At VanEck we are not bitcoin tourists. We're in this for the long haul. That's why we made an initial donation of $10,000 and signed a pledge to donate 5% of our bitcoin ETF profits (if approved) to support bitcoin Core developers @bitcoinbrink for at least 10 years. Your tireless dedication to decentralization and innovation is the cornerstone of the bitcoin ecosystem and we are here to support you; more details coming soon.
VanEck CEO Jan van Eck, formerly voiced optimism about bitcoin, anticipating an all-time high in the next 12 months, highlighting the continued growth and potential of the asset.
Will the SEC approve all 11 bitcoin ETF applications simultaneously?
As anticipation builds around the US SEC's upcoming decision regarding bitcoin ETF applications, industry experts including FOX Reporter Eleanor Terret and bitcoin Expert James Seyffart Bloomberg ETFs, have been sharing their predictions about the possible results.
Leonor is terrified reflexes the intriguing possibility of the SEC approving all eleven btc spot ETF applications at once, allowing them to begin trading on the same day.
However, Terret also raises questions about the readiness of each applicant's operational infrastructure and whether this may affect the actual launch date of each ETF.
James Seyffart reply to Terret's comments, stating that his base case is the approval of all eleven btc spot ETF applications simultaneously.
However, Seyffart acknowledges that operational readiness could be a factor for some applicants, potentially leading to delays in their launch. While approval of all eleven ETFs at once is not guaranteed, Seyffart believes that most applicants will be willing to start trading if approved by the SEC.
Overall, with the SEC's impending decision on btc spot ETF applications, speculation is growing about the possible approval of all eleven ETFs simultaneously.
TO positive decision for the SEC to approve multiple ETFs simultaneously would give investors more options to gain exposure to bitcoin, potentially driving greater market participation and liquidity.
bitcoin is currently trading at $43,600, down more than 1% in the last 24 hours, as the market awaits further updates on the bitcoin ETF that could affect the price of bitcoin.
Featured image from Shutterstock, chart from TradingView.com
