Bitwise Commits to Allocating 10% of Bitcoin ETF Earnings towards Backing Open-Source Advancements

Crypto Index Fund Manager Bitwise Commits to Supporting Bitcoin Open-Source Development

Crypto index fund manager Bitwise has announced its commitment to allocating 10% of profits from the Bitwise Bitcoin ETF to support Bitcoin open-source development. The proceeds from the Bitcoin spot ETF will be sent to three crypto organizations: Brink, OpenSats, and Human Rights Foundation.

Expressing Gratitude to the Bitcoin Community

Bitwise aims to express gratitude to the developers, researchers, builders, educators, investors, and the entire community working towards making a positive impact through Bitcoin.

VanEck Also Pledges Support for Bitcoin Core Developers

VanEck, an investment firm, had previously pledged to allocate 5% of potential profits from its proposed spot Bitcoin ETF to support Bitcoin core developers at Brink. VanEck acknowledges the crucial role developers play as cornerstones of the Bitcoin ecosystem.

SEC Approves First U.S.-Listed ETFs Tracking Bitcoin

The announcement comes shortly after the U.S. Securities and Exchange Commission (SEC) granted approval to 11 firms, including Bitwise, BlackRock, and Grayscale. These firms are now authorized to offer the first U.S.-listed exchange-traded funds (ETFs) tracking Bitcoin.

Lowest Management Fees Offered by Bitwise

Prior to approval, BlackRock and ARK 21Shares amended their applications to disclose even lower fees. However, Bitwise still offers the lowest management fees at 0.2%, followed by ARK 21Shares, BlackRock, and Fidelity.

Hot Take: Crypto Industry Demonstrates Support for Open-Source Development

Crypto index fund manager Bitwise’s commitment to allocating a portion of its profits to support Bitcoin open-source development reflects the industry’s recognition of the importance of developers in advancing the Bitcoin ecosystem. With other firms like VanEck also pledging their support, it showcases a growing trend of gratitude and investment towards those working to change the world through Bitcoin. This development comes as the SEC approves the first U.S.-listed ETFs tracking Bitcoin, opening up new opportunities for investors and further legitimizing cryptocurrencies in the financial market.