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May 22, 2024
PI Global Investments

Brink to Receive 5% of VanEck Bitcoin (BTC) ETF Profits

Asset management firm and prospective BTC exchange-traded fund (ETF) provider VanEck will donate 5% of the profits from its fund (if approved) to Bitcoin developers Brink.

VanEck’s application to list a spot bitcoin ETF in the U.S. is one of more than a dozen currently awaiting a decision from the U.S. Securities and Exchange Commission (SEC). The markets regular is expected to finally approve such the listing of such a fund in the coming days.

The arrival of spot bitcoin ETFs is expected to grow the amount of investment into cryptocurrency from the TradFi world to levels never seen before.

While this is largely welcomed from the incumbent crypto community, there will also be friction in some quarters. Therefore providers like VanEck will be keen to demonstrate some commitment to the core Bitcoin industry by giving back to developers and others.

“We’re not Bitcoin tourists at VanEck. We’re in it for the long haul,” VanEck posted on X on Friday. “Brink’s tireless dedication to decentralization and innovation is the cornerstone of the Bitcoin ecosystem, and we’re here to support it.”

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