ETH Ethereum: VanEck to Donate Part of Its Profits
VanEck anticipates that its request for the deployment of an Ethereum ETF futures will receive approval from the SEC in the near future. This prediction is accompanied by an extensive charm offensive aimed at the crypto community. Recently, VanEck has made a commitment to donate a portion of its profits derived from its ETH ETFs to Ethereum. Details!
10% of the profits from VanEck’s Ethereum ETFs for the Protocol Guild
There is so much news in the increasingly dynamic world of cryptocurrencies. But the one that dropped on September 28th is far from insignificant. Indeed, the SEC has given the green light to Valkyrie Investments to launch its Ethereum ETF based on the futures contract. This new step has reignited the enthusiasm among financial giants.
According to Cointelegraph, VanEck made this decision to honor the efforts of the 150 Ethereum developers gathered in the Protocol Guild. The announcement of the donation of 10% of all future Ethereum Exchange-Traded Fund (ETF) profits came one day after the validation of Valkyrie’s ETH ETF.
“The upcoming launch of our Ethereum Strategy VanEck ETF (EFUT) is a reflection of your imagination and dedication, as well as our hope to see Ethereum adopted by the mainstream in the future,” VanEck states in its Twitter thread.
This 10% contribution to the profits of its ETH ETF, spanning over 10 years, is therefore akin to a recognition of their hard work.
“If TradFi stands to gain from the efforts of Ethereum’s leading contributors, it only makes sense that we also contribute to their work. We strongly encourage other asset managers/ETF issuers to consider doing the same,” acknowledges the spokesperson for this financial institution.
VanEck’s Ethereum ETF is not yet available for trading
Let it be clear: the United States Securities and Exchange Commission has not yet approved VanEck’s Ethereum ETF. But rumors are circulating about a possible approval of these financial products this week.
“PLEASE NOTE: The fund became effective on September 29, 2023. The fund is not yet available for trading, and there is no assurance that the fund will commence trading,” warns VanEck.
Like other crypto analysts, Bloomberg’s James Seyffart has prophesied that the SEC will make a decision on nine futures ETFs on Monday, October 2.
“OKAY: It seems this is the complete list of Ethereum futures contract ETFs that will receive accelerated approval from the SEC to launch on Monday. Assuming they are all operationally ready and there are no last-minute entrants. A potential of 9 ETFs with ETH futures to be traded as of Monday.”
However, it is well known that the American crypto regulator is not very fond of ETFs. ETFs based on Bitcoin and Ethereum futures apparently do not bother it. The SEC has already granted approval to Volatility Shares (BITX) in June of last year.
As for Bitcoin Spot ETFs, Gary Gensler’s team is doing its best to avoid them. Apart from a few approvals (such as Valkyrie’s request in May 2022), the SEC is known for delaying its decision regarding these bitcoin or ether spot-backed products. And please note that these two financial assets differ from each other.
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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.