- Bitwise has declared its intention to donate 10% of profits from Bitwise Bitcoin ETFs to support the ongoing development of the Bitcoin network.
- Bitcoin experienced a modest ascent to $47,000 after the U.S. SEC approved ETFs tied to the cryptocurrency, while altcoins registered a strong rally.
Bitwise, a leading asset management firm, has announced its commitment to allocating 10% of profits generated from Bitwise Bitcoin ETFs to support the ongoing development of the Bitcoin network. This move underscores the company’s recognition of the pivotal role played by a dedicated community of open-source developers who tirelessly contribute to enhancing the security, scalability, and usability of Bitcoin, an initiative that began 15 years ago without a traditional fundraising process.
Bitwise will donate 10% of the profits of the Bitwise Bitcoin ETF (ticker: BITB) to bitcoin open-source development.
Recipient orgs:
– @BitcoinBrink
– @OpenSats
– @HRFBitcoin is important to the future. We're excited for $BITB to support its foundation 👇 pic.twitter.com/JMzd4bMOB9
— Bitwise (@BitwiseInvest) January 10, 2024
In a strategic effort to create a strong connection between BITB investors and the robustness of the underlying open-source infrastructure, Bitwise has carefully chosen reputable non-profit organizations as recipients for these recurring donations. Thus, the selected organizations, including Bitcoin Brink, OpenSats, and HRF, will receive contributions annually, and the donations come with no specific conditions attached, ensuring flexibility and support for the ongoing development of Bitcoin.
Having initially filed for a spot Bitcoin ETF five years ago, Bitwise sees this announcement as a significant milestone, positioning BITB as the preferred ETF for the ever-evolving cryptocurrency landscape. The company also expresses gratitude to the diverse contributors within the Bitcoin community, encompassing developers, researchers, builders, educators, investors, and enthusiasts, recognizing their collective efforts in positively impacting the world through Bitcoin.
This philanthropic move aligns with a growing trend in the industry, as VanEck recently declared its commitment to donating 5% of ETF profits to support Bitcoin development. Thus, it highlights a broader acknowledgment of the importance of sustaining the open-source ecosystem for the future growth and success of the cryptocurrency space.