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HomeFinance NewsVanEck to Give 10% of Ether ETF Profits towards Core Developers

VanEck to Give 10% of Ether ETF Profits towards Core Developers

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Global asset manager VanEck has announced that it will donate 10% of all profits from its upcoming Ether futures exchange-traded fund (ETF) to Ethereum core developers for ten years. The beneficiary of this donation will be The Protocol Guild, a group of over 150 developers responsible for maintaining Ethereum’s core technology. VanEck believes that it is fair for asset managers to give back to the community that builds the crypto protocol from which they stand to gain. This move by VanEck aligns it with other crypto-native communities that already support the Ethereum network.

According to a public dashboard tracking donations sent to the Guild’s mainnet, the contributions received have generated over $12 million. These funds are then distributed among the members of the Guild based on their contribution periods. This donation from VanEck will further support the ongoing development and maintenance of Ethereum.

VanEck recently disclosed its upcoming Ethereum Strategy ETF (EFUT), which will invest in ether futures contracts. The fund, actively managed by Greg Krenzer, head of active trading at VanEck, is expected to be listed on the Chicago Board Options Exchange soon. Other traditional investment firms, including Valkyrie and Bitwise, are also planning to offer exposure to Ether futures. Additionally, several firms, including Invesco Galaxy, ARK 21Shares, and VanEck, are awaiting regulatory approval for a spot Ether ETF. The United States Securities and Exchange Commission (SEC) has delayed its decision on approving a spot Ether product until December.

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