Bitwise’s ETH Spot ETF Profits & Support for Open Source Developers
Bitwise, an asset management firm, recently announced its decision to allocate a portion of profits from its Ethereum spot ETF (ETHW) to open-source developers in a move that highlights the importance of supporting blockchain technology development. Here’s what you need to know about Bitwise’s groundbreaking initiative:
- Bitwise to donate 10% of profits from its ETH spot ETF to open-source developers
- ETHW fund is the latest addition to Bitwise’s portfolio of 20 crypto products
- Features a management charge of 0.20% with a 0% fee for the first $500 million in assets for the initial six months
- The fund will trade on the New York Stock Exchange with reputable service providers
Supporting Protocol Guild & PBS Foundation with ETHW Earnings
As part of its commitment to open-source development, Bitwise will distribute 10% of all ETHW earnings to Protocol Guild and the PBS Foundation. These organizations play vital roles in supporting the Ethereum ecosystem:
- Protocol Guild funds over 170 key contributors to Ethereum Layer 1 protocol
- PBS Foundation supports open-source Ethereum block relays and related research
Transparency & Growth in Ethereum Development
Bitwise’s Chief Technology Officer, Hong Kim, emphasizes the importance of supporting Ethereum’s growth through open source. The firm’s commitment to transparency includes making all ETHW holdings public:
- Investors can verify fund holdings and transactions directly on the blockchain
- Contributing to Ethereum’s expansion and development through open-source initiatives
ETH Spot ETFs & Projected Impact on Ethereum’s Value
Following the precedent set by Bitcoin Spot Exchange-Traded Funds, Bitwise expects the launch of ETH spot ETFs to drive Ethereum’s value to new heights, similar to Bitcoin’s experience:
- $17 billion in new capital entered the crypto space after Bitcoin ETF introduction
- Hougan believes ETH spot ETFs could propel Ethereum to achieve new all-time highs by 2024
Hot Take: Bitwise Supports Ethereum Development Through ETH Spot ETF
As excitement builds around Ethereum ETFs, Bitwise’s dedication to open source developers showcases a commitment to the broader blockchain community. With the launch of ETHW, investors can contribute to Ethereum’s growth while potentially benefiting from the crypto asset’s rising value. Stay tuned for updates on Ethereum’s journey in the evolving digital asset landscape.
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