VanEck to Donate 5% of BTC ETF Profits to Bitcoin Core Developers
The move is reminiscent of a similar pledge by VanEck to donate 10% of profits from its ether futures ETF to Ethereum developers in October last year.
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Bitcoin ETF
The move is reminiscent of a similar pledge by VanEck to donate 10% of profits from its ether futures ETF to Ethereum developers in October last year.
This week marked the 15th year since the genesis block was mined on Bitcoin and for 10 of those years industry stalwarts pleaded with the SEC to approve a spot bitcoin ETF. So far, the SEC has rejected every spot ETF application, but that may be about to change.
So far, only six potential spot bitcoin ETF issuers have revealed their charge, and Fidelity is the cheapest.
Reports swirled that the SEC was giving final comments to issuers and may approve multiple spot-based bitcoin ETF applications very soon.
Excitement over a spot bitcoin ETF – a regulated financial product that would give institutional and retail investors easier exposure to bitcoin’s price without requiring them to invest directly in the asset – continues to grow.
Market makers, like trading firm DRW, have been preparing for months to be able to provide the necessary liquidity to ensure sufficient liquidity should the SEC approve bitcoin exchange-traded funds in the U.S.
The popular Polymarket market bet “Bitcoin ETF approved by Jan 15?” has attracted almost $1 million in volume from hundreds of users.
Goldman Sachs is in talks to play the key role of being an “authorized participant” for BlackRock and Grayscale’s bitcoin ETFs, if the SEC approves them, according to people familiar with the situation.
We see a 98% chance of approval in the next couple of weeks and the high likelihood of a Bitcoin rally to follow.
“SEC Chair Gensler is not embracing crypto in the U.S., and it might even be a very long shot to expect that he would vote to approve bitcoin spot ETFs,” Matrixport said.