Ethereum Future ETFs: VanEck to Donate 10% Profit to Protocol Guild for 10 Years

Watch Icon
Ethereum Future ETFs: VanEck to Donate 10% Profit to Protocol Guild for 10 Years

Asset management VanEck will donate 10% of the profit from its Ethereum Futures ETF to the network’s Protocol Guild for at least 10 years. The revelation is coming on the heels of the expectation that the market will be inundated with several futures ETFs by next week.

In a September 29 statement, VanEck said it would donate 10% of its profit to Ethereum’s protocol guild for at least 10 years.

VanEck’s 10% Donation

The protocol guild is a 152-member group of Ethereum’s core protocol contributors enabling distributed funding for distributed systems. 

According to VanEck, the donation is to appreciate the group’s stewardship towards building and maintaining the infrastructure for nearly a decade.

Need Help? Crypto Portfolio Management: A Beginner’s Guide

The asset management firm described the developers as major contributors to Ethereum’s recent Merge and Shanghai upgrades. 

VanEck’s donation comes amid its plan to launch an Ethereum Futures ETF product next week. While the fund is already effective, the investment company said it is not yet available for trading.

Though the company noted that it wasn’t sure the fund would commence trading, it promised to provide more details soon. 

Ethereum’s Protocol Guild Donations. Source: Dune Analytics

Through the donation, VanEck will join platforms like Arbitrum, Lido, and Uniswap, which are top donors to the group. 

Marketing Gimmick?

Bloomberg analyst James Seyfarrt said VanEck’s donation offer will begin a marketing war between the Ethereum Future ETFs expected to begin operations soon.

Earlier in the week, VanEck had released a TV commercial centered around its Ethereum Strategy ETF. The advert urged viewers to “Enter the Ether” and that its ETF was “coming soon.”

Meanwhile, market observers noted that the adverts signify that the U.S. Securities and Exchanges Commission (SEC) was set to approve an Ether futures ETF before the government shutdown. Bloomberg senior ETF Analyst Eric Balchunas corroborated this view, positing that:

“The SEC wants to accelerate the launch of Ether futures ETFs (because they want it off their plate before [the government] shutdown).”

While Bitcoin spot ETF applications remain in limbo, Ethereum futures ETFs are gaining traction and recognition from investors.

Also Read: 9 Best AI Crypto Trading Bots to Maximize Your Profit

The post Ethereum Future ETFs: VanEck to Donate 10% Profit to Protocol Guild for 10 Years appeared first on BeInCrypto.

More News

Bitcoin Mining Operations Education Progra...

Watch Icon
Last updated

We are a world built on top of the rails afforded energy and power production. Whether we are discussing your smartphone in your hand, the shirt on your back, the home or apartment you reside in, or the electricity that is serviced to your domicile… none of that would be available without energy generation and […]

Argentina’s Central Bank Kicks off Efforts...

Watch Icon
Last updated

Much has been said about the potential Central Bank Digital Currency (CBDC) of Argentina in recent times following a suggestion by Economic Minister Sergio Massa to utilize the technology for fiscal growth.  The Central Bank of Argentina has revealed plans to push for the implementation of the digital currency and will seek the bill “as soon as possible.” ... Read More: Argentina’s Central Bank Kicks off Efforts Toward Digital Peso Bill

Back to Top