VanEck to support Bitcoin developers using ETF profits

January 5, 2024 at 6:39 pm

News

VanEck to support Bitcoin developers using ETF profits

Investment firm VanEck commits 5% of potential profits from its proposed Bitcoin ETF to support Brink, increasing corporate support for open-source development.

Investment firm VanEck has pledged to allocate 5% of potential profits from its proposed spot Bitcoin ETF to support Bitcoin core developers at Brink. In a statement, VanEck expressed gratitude and acknowledged the developers’ role as the cornerstone of the Bitcoin ecosystem.

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

VanEck has initiated these efforts by donating $10,000 to Brink to support its ongoing work. Brink, established in 2020, focuses on research and development to enhance the Bitcoin protocol.

“I think it’s fantastic news. Open source development work on Bitcoin is really important, and it’s fantastic that VanEck will generously give back to the core backbone of the ecosystem,” Brink board member Jonathan Bier said in a statement.

The firm stated, “Your tireless dedication to decentralization and innovation is the cornerstone of the Bitcoin ecosystem, and we’re here to support it—more details to come.”