Illustration shows representations of cryptocurrency Bitcoin
Reuters

KEY POINTS

  • VanEck filed its Form 8-A with the SEC last week
  • Its CEO last month gave a bullish prediction for BTC
  • Bitcoin was trading in the green zone at $44,082.85 Sunday afternoon

VanEck, an investment management firm based in New York and one of the applicants for the spot Bitcoin exchange-traded fund (ETF), has committed to giving 5% of its profit from the crypto investment vehicle to BTC core developers for 10 years.

The race to be one of the spot Bitcoin ETF issuers in the U.S. is approaching the finish line as the Securities and Exchange Commission (SEC) finalized the paperwork and crucial details for the crypto investment vehicle.

With 13 applicants waiting for the agency to drop the good news anytime this week, some companies are already making their moves in relation to their spot Bitcoin ETF proposals.

Some have released new advertisements, while others, like BlackRock, are reportedly preparing to pump in huge funds for the crypto investment vehicle.

VanEck, on the other hand, has assured the cryptocurrency industry that it is not just dipping its toes but immersing into Bitcoin.

To prove that it is here to stay, VanEck announced its commitment to support the world's largest crypto asset by market capitalization and its development in the industry by donating $10,000 and pledging 5% of its spot Bitcoin ETF's profits for at least 10 years to Bitcoin core developers.

"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 decentralization and innovation is the cornerstone of the Bitcoin ecosystem, and we're here to support it — more details to come," VanEck said last week.

Last month, Jan van Eck, the firm's CEO, gave a bullish prediction for Bitcoin, saying it will set a new all-time high in 2024.

"No, [the big gains are not over] because it's growing up. It's like a child that's growing up," Van Eck said. "You can argue about it being in a bubble but... It bubbled in 2017 but then it hit all-time highs in 2021, so nothing has ever been a bubble that then has outperformed itself. So I fully expect in this cycle – and you have this halving thing happening in April which is great technically for Bitcoin – I expect all-time highs in the next 12 months."

Bitcoin was trading in the green zone at $44,082.85, with the 24-hour trading volume down by 2.1% at $$18,177,812,354 as of 3:09 p.m. ET on Sunday. The latest price action represents a 0.31% increase in its value on the day and a 3.49% gain over the last seven days.

Data from CoinMarketCap shows that the current circulating supply of Bitcoin stands at 19,592,337 BTC and its market cap is at $863,791,938,382.

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