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HomeFinance NewsVanEck to allocate 10% Ether ETF profits to support core developers

VanEck to allocate 10% Ether ETF profits to support core developers

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Asset manager VanEck has announced that it will donate 10% of profits from its upcoming Ether futures exchange-traded fund (ETF) to Ethereum core developers for the next ten years. The donations will go to The Protocol Guild, a group of over 150 developers responsible for maintaining the core technology of Ethereum. VanEck believes it is fair for asset managers to give back to the community that builds the crypto protocol. Other crypto-native communities supporting the Ethereum network, such as Lido Finance and Uniswap, have also shown their support.

According to a public dashboard, the donations sent to The Protocol Guild have generated over $12 million from 4,846 contributions. The funds are then distributed among the members based on their contribution periods. VanEck’s decision to donate aligns with the ongoing efforts to support the development and maintenance of Ethereum’s infrastructure.

VanEck recently announced its upcoming Ethereum Strategy ETF (EFUT), which will invest in ether futures contracts. It will be actively managed by Greg Krenzer and 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 companies, such as Invesco Galaxy, ARK 21Shares, and VanEck, are awaiting regulatory approval to launch a spot Ether ETF. The United States Securities and Exchange Commission (SEC) recently delayed its decision on approving a spot Ether product until December.

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