- Asset management giant Bitwise announced that it will donate 10% of the profits from Bitwise Bitcoin
ETFs to the development of the Bitcoin network.
- According to Bitwise, while these contributors may not be celebrated heroes, their contributions benefit all Bitcoin investors.
- Last week, VanEck also announced a 5% donation from ETF profits to Bitcoin development.
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Asset management giant Bitwise will contribute to the development of Bitcoin with a portion of the profits from Bitwise Bitcoin ETFs!
Bitwise to Support Bitcoin Development
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Asset management giant Bitwise announced that it will donate 10% of the profits from Bitwise Bitcoin ETFs to the development of the Bitcoin network. Bitwise marked a historic moment by being one of the 11 buyers who obtained approval for the U.S. Bitcoin ETF on Wednesday, January 10th, as a milestone in the financial world.
The asset management giant made a significant commitment to support the development of Bitcoin’s open-source ecosystem. The company announced that it would donate 10% of the profits from Bitwise Bitcoin ETF (BITB) to finance the open-source development of Bitcoin.
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Since Bitcoin was launched 15 years ago without an official donation process, it relies on a dedicated open-source developer community to improve various aspects of Bitcoin, such as security, scalability, and usability.
According to Bitwise, while these individuals may not be celebrated heroes, their contributions benefit all Bitcoin investors. Recognizing the importance of continuing this open-source work, Bitwise aims to create a strong alignment between BITB investors and the robustness of the fundamental open-source infrastructure.
Bitwise carefully selected reputable non-profit organizations, such as Bitcoin Brink, OpenSats, and HRF, to receive and allocate BITB’s annual donations. These donations are unconditionally made once a year and will continue for at least the next ten years. Applying for a spot Bitcoin ETF five years ago, Bitwise sees the current milestone as a significant achievement. The company envisions BITB as the ETF that best serves the evolving landscape of the cryptocurrency space.
Expressing gratitude, Bitwise acknowledges contributors from various roles in the Bitcoin community, including developers, researchers, builders, educators, investors, and enthusiasts. The company appreciates these collective efforts to make a positive impact on the world through Bitcoin and believes in a brighter future for this dedication. Last week, VanEck also announced a 5% donation from ETF profits to Bitcoin development.
Bitcoin Price Movement
Following the U.S. Securities and Exchange Commission’s (SEC) approval of funds directly investing in cryptocurrencies, Bitcoin experienced a slight increase, briefly reaching the $47,000 level. Traders are closely monitoring the market to assess the level of capital inflow drawn by these newly approved financial products.
Speculation exists among market observers that Bitcoin may experience a potential correction after the approval of spot ETFs by the SEC. Traders may choose to capitalize on accumulated profits during the prolonged upward trend of the cryptocurrency.
Following this development, other major cryptocurrencies also displayed mixed performance. Ether, the second-largest cryptocurrency, recorded a 16% gain in the last 24 hours, reaching $2,606. This rise occurred due to expectations of Ether becoming the focus of next-generation spot crypto ETF products in the U.S. Investors closely follow these dynamics to navigate the evolving landscape of cryptocurrency investments.