Bitwise Asset Management to Allocate 10% of Bitwise Bitcoin ETF Profits to Support Bitcoin Open-Source Development
Bitwise Asset Management has announced its plans to donate 10% of the profits generated by its Bitwise Bitcoin ETF (BITB) to support the development of Bitcoin’s open-source ecosystem. The CEO, Hunter Horsley, expressed his enthusiasm for funding core developers, referring to them as the “unsung heroes” who have played pivotal roles in Bitcoin’s history since its inception 15 years ago. Horsley emphasized that Bitcoin has relied on a dedicated community of open-source developers without a formal fundraising process.
SEC Approves Bitcoin Spot ETFs
The announcement by Bitwise comes shortly after the United States Securities and Exchange Commission (SEC) granted approval for 11 spot Bitcoin exchange-traded fund (ETF) applications on January 10. This approval allows traditional asset managers to offer their clients exposure to Bitcoin through ETFs, potentially attracting new investors who have not previously held Bitcoin.
Donations Made Annually for a Decade
Hunter Horsley clarified that the donations, which will amount to 10% of the Bitwise Bitcoin ETF profits, are intended to contribute to the expansion of the Bitcoin industry. These donations will be made annually for at least the next 10 years with no strings attached. Bitwise’s decision aligns with its recognition of the importance of established credibility and its support for non-profit organizations with a proven track record in funding Bitcoin open-source development, such as Brink.
Sustained Support for Building Bitcoin’s Future
Mike Schmidt, the executive director of Brink, emphasized the significance of sustained support for those building Bitcoin’s future, especially in light of the SEC’s approval of Bitcoin ETFs. Schmidt highlighted the importance of supporting Bitcoin Core Development in a long-term sustainable way to ensure continued growth and innovation within the Bitcoin ecosystem.
Hot Take: Bitwise Commits to Supporting Open-Source Bitcoin Development
Bitwise Asset Management has committed to allocating 10% of the profits from its Bitwise Bitcoin ETF to support the development of Bitcoin’s open-source ecosystem. This move comes after the SEC approved 11 spot Bitcoin ETFs, allowing traditional asset managers to offer exposure to Bitcoin through ETFs. The donations will be made annually for a decade with no strings attached. The decision reflects Bitwise’s recognition of the importance of established credibility and its support for non-profit organizations like Brink. This sustained support is crucial for building Bitcoin’s future, ensuring its growth and innovation in the years to come.
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