Key Points:
- VanEck’s Commitment: 10% of Ethereum ETF profits for a decade.
- Recognition of Ethereum Protocol Guild’s vital role in Ethereum.
- Speculation on Ethereum ETF approval by SEC, sparking competition.
In a significant show of support for Ethereum’s ongoing development, global asset management firm VanEck has pledged to allocate 10% of the profits generated from its upcoming Ethereum exchange-traded fund (ETF) to the Ethereum Protocol Guild for the next ten years.
With an impressive portfolio boasting nearly $80 billion in assets, VanEck announced this commitment in a post dated September 29th, demonstrating its recognition of the substantial contributions made by the protocol guild over the past decade in building and maintaining the Ethereum infrastructure.
Read Also: Understanding Ethereum’s Gas Price Drop and Future Supply Trends
Big announcement!
We intend to donate 10% of our $EFUT ETF profits (https://t.co/gr652AkUvv) to @ProtocolGuild for at least 10 years.
Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.
Details 👇
— VanEck (@vaneck_us) September 29, 2023
The Ethereum Protocol Guild, comprised of 152 core Ethereum developers, has played a pivotal role in sustaining the network’s fundamental protocol, as acknowledged by VanEck.
The Ethereum community has warmly welcomed this gesture of support, as evident from the positive and appreciative comments made by delegate founder 0xfoobar. Notably, other prominent players in the Ethereum ecosystem, including Uniswap, Arbitrum, Optimism, and Lido, have also extended their support to the Protocol Guild in the past.
this is kinda insane, never would’ve expected to see it in a million years
“ethereum alignment” is an incredibly value-accretive narrative, rare to see such large institutions understand this https://t.co/wMdbDs2waL
— foobar (@0xfoobar) September 30, 2023
It is worth noting that VanEck’s commitment comes in anticipation of the approval of Ethereum ETFs. The Ethereum Strategy ETF (EFUT), designed to accumulate funds by investing in ETH futures contracts, is still pending trading availability. VanEck has clarified that it has not yet received assurances regarding the commencement of the fund’s operations.
Nonetheless, VanEck has expressed its optimism about gaining approval for EFUT in a recent television commercial, fueling speculation that the U.S. Securities and Exchange Commission (SEC) might greenlight an Ether futures ETF ahead of a potential government shutdown.
When you’re ready, ENTER THE ETHER. The VanEck Ethereum Strategy ETF ($EFUT) is coming soon. Read our press release: https://t.co/4QPOVd5nB2 pic.twitter.com/vSF3HzMuvC
— VanEck (@vaneck_us) September 28, 2023
Bloomberg analyst James Seyffart has included VanEck’s ETF in a list of nine futures ETFs that could potentially receive accelerated approval from the SEC as early as October 2nd.
OKAY: This looks to be the full list of #Ethereum Futures ETFs that will be given SEC accelerated approval to launch on Monday. Assuming they are all operationally ready to go & assuming no last minute entrants. A potential 9 ETFs with ETH futures trading on Monday pic.twitter.com/eQF6MWL4kP
— James Seyffart (@JSeyff) September 29, 2023
Seyffart views VanEck’s commitment to donating a portion of profits as the initial move in an upcoming marketing competition among firms seeking entry into the Ethereum ETF arena. This development follows Bitwise’s announcement of launching two ETH futures ETFs, scheduled to debut on October 2nd, establishing the crypto ETF sector as a vibrant and competitive space.
_________________________________________________________________________________________________
Stay connected with us on Google News, Telegram, Twitter, and Facebook to stay updated on the latest developments and engaging discussions in the realm of Crypto News.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
