VanEck and 11 other companies resubmit SEC filing to give back ETF profits to Bitcoin community Brink if approved
Asset management firm VanEck stated that if its Bitcoin spot ETF is approved, it will donate 5% of its potential profits to the core developers of Bitcoin Brink, to which it has already donated $10,000. VanEck and 11 other asset management companies rushed to resubmit their 19b-4 filings to the SEC before the weekend. Bloomberg ETF analyst James Seyffart believes that these filings may be approved next week, followed by the effectiveness of S-1, which could also happen next week, paving the way for the Bitcoin spot ETF to finally come to fruition!
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
Table of Contents
VanEck Supports Bitcoin and Ethereum Communities
According to a report by The Block, Brink was founded in 2020 with the goal of advancing the Bitcoin protocol through research, development, and support for Bitcoin developers' community. It has a fellowship program that allows new software engineers to participate in Bitcoin development, as well as funding programs for existing Bitcoin developers.
In June 2023, Brink received $5 million in funding from Jack Dorsey's Smart Small funding initiative.
Last September, VanEck also announced that its Ethereum strategy ETF EFUT will allocate profits to the Ethereum community Protocol Guild for over ten years. Protocol Guild is a funding mechanism that can accommodate ~150 people, aiding in maintaining Ethereum's core protocols. It provides mutual support among peers and offers a way to support protocol operations for the broader ecosystem.
VanEck and 11 Asset Management Companies Resubmit Documents to SEC
According to Bloomberg's ETF analyst James Seyffart's tweet, VanEck, along with 10 other asset management companies, submitted revised 19b-4 documents before the weekend. VanEck is expected to provide $100,000 in seed funding, with Gemini as its custodian.
Seyffart believes that these documents may be approved next week, followed by the effectiveness of the S-1, which could happen next week as well, paving the way for a Bitcoin spot ETF!
