Ethereum

The Protocol

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<p class="is-style-lead">VanEck has declared its support for the development of Ethereum by pledging to donate some of its upcoming Ethereum exchange-traded fund (ETF) profits.</p> 
<p>Global asset management company VanEck has promised to give the Ethereum Protocol Guild 10% of its Ethereum Futures <a href="https://crypto.news/what-is-ethereum-etf-and-how-could-vanecks-launch-impact-crypto/" target="_blank" rel="noopener noreferrer nofollow">ETF</a> profits for the next ten years.</p> 
<p>The firm, which manages a portfolio with an asset value of nearly $80 billion, made the announcement in a Sept. 29 post on X.</p> 
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   <p lang="en" dir="ltr">Big announcement!<br><br>We intend to donate 10% of our <a href="https://twitter.com/search?q=%24EFUT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$EFUT</a> ETF profits (<a href="https://t.co/gr652AkUvv" target="_blank" rel="noopener noreferrer nofollow">https://t.co/gr652AkUvv</a>) to <a href="https://twitter.com/ProtocolGuild?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ProtocolGuild</a> for at least 10 years.<br><br>Thank you, Ethereum contributors, for nearly a decade of relentless building &amp; ongoing stewardship of this common infrastructure.<br><br>Details 👇</p>— VanEck (@vaneck_us) <a href="https://twitter.com/vaneck_us/status/1707888396171977036?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 29, 2023</a> 
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<p>Its decision to direct funds towards the Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) community acknowledged the protocol guild’s considerable contributions to building and maintaining the Ethereum infrastructure over the past decade.</p> 
<p>The <a href="https://stateful.mirror.xyz/mEDvFXGCKdDhR-N320KRtsq60Y2OPk8rHcHBCFVryXY" target="_blank" rel="noopener noreferrer nofollow">guild</a> is a collective comprising 152 Ethereum core developers who, <a href="https://crypto.news/vaneck-crypto-exchange-volumes-declined-to-52b-in-august/" target="_blank" rel="noopener noreferrer nofollow">VanEck</a> stated, have been instrumental in maintaining the network’s core protocol.</p> 
<p>The ETH community received the announcement positively, as exemplified by delegate founder 0xfoobar’s surprised and appreciative comments.</p> 
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   <p lang="en" dir="ltr">this is kinda insane, never would've expected to see it in a million years<br><br>"ethereum alignment" is an incredibly value-accretive narrative, rare to see such large institutions understand this <a href="https://t.co/wMdbDs2waL" target="_blank" rel="noopener noreferrer nofollow">https://t.co/wMdbDs2waL</a></p>— foobar (@0xfoobar) <a href="https://twitter.com/0xfoobar/status/1707913606677791169?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 30, 2023</a> 
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<p>The Protocol Guild has received prior support from other leading teams within the Ethereum ecosystem, such as Uniswap, Arbitrum, Optimism, and Lido.</p> 
<p> You might also like: <a href="https://crypto.news/us-sec-may-approve-ethereum-futures-etfs-next-week/" rel="noopener noreferrer nofollow"> US SEC may approve Ethereum futures ETFs next week </a> </p> 
<h2 class="wp-block-heading" id="strong-ethereum-etfs-due-for-approval-strong"><strong>Ethereum ETFs due for approval</strong></h2> 
<p>The Ethereum Strategy ETF, or EFUT, intends to grow funds through investing in ETH futures contracts. Still, VanEck’s pledge comes even as it clarifies that the fund is yet to be available for trading.&nbsp;</p> 
<p>Additionally, the investment firm stated it has yet to receive any assurances that the fund will even be allowed to commence operations.</p> 
<p>However, the company broadcast its <a href="https://crypto.news/vaneck-readies-ethereum-futures-etf-launch/" target="_blank" data-type="link" data-id="https://crypto.news/vaneck-readies-ethereum-futures-etf-launch/" rel="noopener noreferrer nofollow">expectation</a> of getting the nod for EFUT in a recent TV commercial, sparking speculation that the U.S. Securities and Exchange Commission (SEC) was set to approve an Ether futures ETF ahead of a looming government <a href="https://www.bbc.com/news/world-us-canada-66965214" target="_blank" rel="noopener noreferrer nofollow">shutdown</a>.</p> 
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   <p lang="en" dir="ltr">When you’re ready, ENTER THE ETHER. The VanEck Ethereum Strategy ETF ($EFUT) is coming soon. Read our press release: <a href="https://t.co/4QPOVd5nB2" target="_blank" rel="noopener noreferrer nofollow">https://t.co/4QPOVd5nB2</a> <a href="https://t.co/vSF3HzMuvC" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/vSF3HzMuvC</a></p>— VanEck (@vaneck_us) <a href="https://twitter.com/vaneck_us/status/1707419473337033075?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 28, 2023</a> 
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<p>Bloomberg analyst James Seyffart also included VanEck’s ETF in a list of nine futures ETFs he thinks could be given accelerated approval by the SEC as early as Oct. 2.</p> 
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   <p lang="en" dir="ltr">OKAY: This looks to be the full list of <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Ethereum</a> Futures ETFs that will be given SEC accelerated approval to launch on Monday. Assuming they are all operationally ready to go &amp; assuming no last minute entrants. A potential 9 ETFs with ETH futures trading on Monday <a href="https://t.co/eQF6MWL4kP" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/eQF6MWL4kP</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1707866932311957577?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 29, 2023</a> 
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<p>Seyffart characterized VanEck’s profit pledge as the opening salvo in an impending marketing war between firms looking to enter the Ethereum ETF space. His observation came in the wake of Bitwise, another long-term player in the crypto ETF sector, <a href="https://www.businesswire.com/news/home/20230929506712/en/AETH-and-BTOP-Two-First-of-their-Kind-Ethereum-Futures-ETFs-From-Bitwise-Intend-to-Launch-October-2" target="_blank" data-type="link" data-id="https://www.businesswire.com/news/home/20230929506712/en/AETH-and-BTOP-Two-First-of-their-Kind-Ethereum-Futures-ETFs-From-Bitwise-Intend-to-Launch-October-2" rel="noopener noreferrer nofollow">announcing</a> the establishment of two ETH futures ETFs to commence on Oct. 2.</p> 
<p> Read more: <a href="https://crypto.news/fidelity-vaneck-and-other-moguls-re-file-bitcoin-etf-applications/" rel="noopener noreferrer nofollow"> Fidelity, VanEck and other moguls re-file bitcoin ETF applications </a> </p>

VanEck to donate 10% of ETF profits to Ethereum contributors

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