VanEck has announced that if the US Securities and Exchange Commission (SEC) approves its application for a spot Bitcoin exchange-traded fund (ETF), the asset management firm will allocate 5% of the fund's profits to support Bitcoin developers.

VanEck is among several other companies expecting validation of their applications to list spot Bitcoin ETFs in the US. The imminent approval for listing such a fund is poised to attract unprecedented investment from traditional finance into the cryptocurrency space.

Spot Bitcoin ETFs and Crypto Adoption

Acknowledging the potential surge in investment, VanEck's pledge to donate a percentage of its profits from spot Bitcoin ETF mirrors its prior commitment to Ethereum developers, Coindesk reported. Its dedication to contributing 10% of its profits from an ether futures ETF to the Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term ecosystem last year highlighted the firm's involvement in supporting the blockchains of major cryptocurrencies.

We’re not Bitcoin tourists at VanEck. 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 @bitcoinbrink for at least 10 years. Your tireless dedication to…

— VanEck (@vaneck_us) January 5, 2024

Amidst the anticipation of spot Bitcoin ETF approval, 2023 saw a resurgence in crypto investments. There was $2.25 billion worth of inflows into the sector, the third-largest since 2017, Finance Magnates reported.

This boost stands in stark contrast to 2022 when inflows amounted to $831 million. The digital asset industry witnessed rising investments during the latter half of 2023, as the digital asset industry anticipated the approval of the first spot Bitcoin ETF in the US.

Notably, Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term emerged as the primary beneficiary, capturing $1.9 billion in inflows. This represents 87% of the total inflows, the most significant share ever recorded.

Corporate Giants Enter Bitcoin ETF Arena

Recently, reports surfaced that Goldman Sachs was exploring possible collaboration for spot Bitcoin ETFs. These reports indicate that the asset management giant is contemplating acting as an authorized participant for the proposed spot Bitcoin ETFs by BlackRock and Grayscale.

Goldman Sachs' consideration mirrors a broader trend among major US banks, like JPMorgan Chase, Jane Street, and Cantor Fitzgerald, who are eyeing participation in forthcoming spot Bitcoin ETFs.

Last year, BlackRock enlisted JP Morgan Securities and Jane Street as authorized participants. This move underscored the important roles of these entities in streamlining ETF processes for efficient investor engagement.