Asset management firm VanEck has announced it will donate 10% of all profits from its upcoming Ethereum futures ETF to Ethereum core developers for 10 years.
The beneficiaries will be The Protocol Guild, a group of over 150 developers maintaining Ethereum’s technology, VanEck said in a recent tweet.
VanEck expressed the belief that asset managers have a responsibility to contribute back to the crypto communities that are actively developing protocols. This decision is in line with the growing trend of native crypto groups, such as Lido, Uniswap, Optimism, and others, providing support to Ethereum.
According to a public dashboard, over $12 million has already been donated to the Guild’s developers from various sources. The funds are distributed based on contribution levels.
VanEck revealed its Ethereum Strategy ETF (EFUT) on September 28th, which will invest in Ether futures contracts. The fund will be actively managed by Greg Krenzer and listed on CBOE soon.
Other investment firms are also racing to launch Ether funds. Valkyrie plans to offer Ether futures exposure through its existing Bitcoin ETF. Bitwise submitted an updated prospectus for a joint Bitcoin and Ether futures ETF.
Most recently, Invesco and Galaxy Digital even filed for a spot Ether ETF, though the SEC delayed approving spot Ether products until December.
However, reports indicate the SEC may start approving Ether futures ETFs as early as October. The crypto space eagerly awaits these potential new regulated investment vehicles.
By donating 10% of its Ether ETF revenue to developers, VanEck aims to give back and support the community in building the Ethereum network.
