VanEck To Donate Ethereum Strategy ETF Profits; Bullish For ETH Price
Investment management firm VanEck announced that it would be donating 10% of the profits gained from the Ethereum Strategy ETF (EFUT). On September 28, 2023, the firm announced that the ETF will be listed on the CBOE. Will this move be key to ETH price rally?
Also Read: Bitwise To Launch Bitcoin Ethereum Strategy ETF On October 2
Bullish For ETH?
VanEck said it would donate the share of profits for the benefit of core Ethereum developers. With this, 10% of the profits gained would be diverted to the Protocol Guild, which is a collective of 152 Ethereum core protocol contributors. More importantly, the firm pledged to extend the support for a period of 10 years. Overall, this is a huge move for the Ethereum ecosystem in terms of product development and further growth. The firm said in a statement,
“We intend to donate 10% of our $EFUT ETF profits to Protocol Guild for at least 10 years. Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.”
VanEck ETF Trading: Schedule
The VanEck Ethereum Strategy ETF is aimed at capital appreciation by investing in ether futures contracts. The firm said the ETF fund has been effective since September 29, 2023 and that the fund is not yet available for trading. Earlier, Bitwise confirmed that trading for two of its Ethereum themed ETFs is set to begin on October 2. Similarly, it is expected that 7 other Ethereum Futures ETF filings could be given a nod by the U.S. Securities and Exchange Commission (SEC) on October 2.
On the other side, several companies awaiting the spot Bitcoin ETF approval would be staring at a longer wait in the wake of the SEC’s delay on filings by the likes of asset manager Blackrock, Bitwise and Invesco.
Also Read: September Check: Polygon Lands Google Cloud as its Latest Validator
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