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VanEck has declared his support for the development of ethereum by pledging to donate some of his upcoming earnings from ethereum exchange-traded funds (ETFs).
Global asset management firm VanEck has pledged to give the ethereum Protocol Guild 10% of its ethereum Futures ETF profits over the next ten years.
The company, which manages a portfolio with an asset value of nearly $80 billion, made the announcement in a Sept. 29 post on X.
Its decision to direct funds toward the ethereum (eth) community recognized the protocol guild’s considerable contributions to building and maintaining the ethereum infrastructure over the past decade.
He guild is a collective made up of 152 core ethereum developers who, VanEck stated, have been instrumental in maintaining the network’s core protocol.
The eth community received the announcement positively, as exemplified by the surprised and grateful comments from founding delegate 0xfoobar.
The Protocol Guild has received previous support from other leading teams within the ethereum ecosystem, such as Uniswap, Arbitrum, Optimism, and Lido.
ethereum ETFs pending approval
The ethereum Strategy ETF, or EFUT, aims to raise funds by investing in eth futures contracts. Still, VanEck’s promise comes even as he clarifies that the fund is not yet available for trading.
In addition, the investment firm stated that it has not yet received guarantees that the fund will be allowed to begin operations.
However, the company conveyed its expectation of getting the go-ahead for EFUT in a recent TV commercial, sparking speculation that the U.S. Securities and Exchange Commission (SEC) was ready to approve a futures ETF. of Ether before an imminent government. close.
Bloomberg analyst James Seyffart also included the VanEck ETF on a list of nine futures ETFs that he believes could be granted accelerated approval by the SEC as early as October 2.
Seyffart characterized VanEck’s profit promise as the opening salvo in an impending marketing war between companies looking to enter the ethereum ETF space. His observation came in the wake of Bitwise, another long-term player in the crypto ETF sector, ethereum-Futures-ETFs-From-Bitwise-Intend-to-Launch-October-2″ target=”_blank” data-type=”link” data-id=”https://www.businesswire.com/news/home/20230929506712/en/AETH-and-BTOP-Two-First-of-their-Kind-ethereum-Futures-ETFs-From-Bitwise-Intend-to-Launch-October-2″ rel=”noreferrer noopener”>announcing the establishment of two eth futures ETFs that will begin on October 2.
