Bitwise Commits to Donate Profits to Bitcoin Development
Bitwise Asset Management has made a commitment to donate 10% of profits from the Bitwise Bitcoin ETF to non-profit organizations that support the open-source development of BTC. The primary beneficiaries of these donations will be Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund. This announcement was made by Bitwise CEO Hunter Horsley, who expressed his excitement to provide funding and support to Bitcoin core developers, whom he referred to as the “unsung heroes” of Bitcoin.
Donations without Strings Attached
The donations will be made annually over the next decade and are free of any restrictions. This illustrates Bitwise’s long-term commitment to promoting a sustainable environment for Bitcoin Core Development. Mike Schmidt, the executive director of Brink, commended the pledge, stating that it is essential to support Bitcoin Core Development in a sustainable manner. He views Bitwise’s commitment as a positive action that will lead to improvements in the open-source software that underpins the industry.
Supporting Open-Source Contributors
The selection of the recipient organizations was based on their track record and dedication to funding the open-source development of Bitcoin. Annually, these organizations will undergo a review to ensure their continued alignment with Bitwise’s mission. Matt Odell, the founder of OpenSats, praised Bitwise for setting a precedent and supporting contributors that are vital to Bitcoin’s ecosystem. Alex Gladstein, the Chief Strategy Officer of the Human Rights Foundation, acknowledged the importance of supporting Bitcoin developers and applauded Bitwise for their commitment.
The Generosity of Bitwise and VanEck
Bitwise’s commitment to donate profits from the Bitwise Bitcoin ETF surpasses VanEck’s pledge. VanEck, which pledged to donate 5% of its ETF profits to Brink if approved, has already begun fulfilling this promise by donating $10,000. VanEck’s donation reflects its dedication to strengthening the fundamental infrastructure of Bitcoin.
Hot Take: A Boost for Bitcoin Development
The pledge by Bitwise Asset Management to donate a portion of Bitwise Bitcoin ETF profits to non-profit organizations supporting Bitcoin’s open-source development is a significant boost for the Bitcoin community. By providing recurring funding to Bitcoin core developers, Bitwise is recognizing their crucial role in improving the network’s security, scalability, and usability. Additionally, this initiative sets a precedent for other Bitcoin ETF issuers to support open-source contributors. Overall, this commitment reinforces the long-term sustainability and growth of Bitcoin core development.
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