Bitwise Donating to Open-Source Development
Asset management giant Bitwise has made a commitment to support the development of Bitcoin’s open-source ecosystem. The company will donate 10% of the profits generated by the Bitwise Bitcoin ETF (BITB) to fund Bitcoin open-source development.
Supporting Unsung Heroes
The contributions of open-source developers are crucial for the growth and improvement of Bitcoin. Bitwise recognizes their importance and aims to create a strong alignment between BITB investors and the underlying open-source infrastructure through recurring donations.
Reputable Non-Profit Organizations
Bitwise has selected reputable non-profit organizations, including Bitcoin Brink, OpenSats, and HRF, to receive and allocate BITB’s recurring donations. These contributions will be made annually for at least the next decade.
Milestone Achievement
After filing for a spot Bitcoin ETF five years ago, Bitwise sees the approval of the US Bitcoin ETF as a significant achievement. The company envisions BITB as the ETF that best serves the evolving cryptocurrency landscape.
Gratitude to the Bitcoin Community
Bitwise expresses gratitude to the diverse contributors within the Bitcoin community, recognizing their collective efforts to positively impact the world through Bitcoin. The company believes that the future is brighter because of their dedication.
Bitcoin Price Action
Following the SEC’s approval of spot ETFs directly investing in Bitcoin, there was a subtle surge in its price, briefly reaching $47,000. Traders are monitoring the market to gauge capital inflow attracted by these newly approved financial products.
Potential Pullback and Mixed Performance
There is speculation about a potential Bitcoin pullback after the SEC’s approval. Other major cryptocurrencies, including Ether, displayed mixed performance. Ether notably stood out with a 16% gain over the past 24 hours, reaching $2,583.
Hot Take: Bitwise’s Contribution to Bitcoin Development
Bitwise’s commitment to donating a portion of its profits to support Bitcoin open-source development is a significant step in strengthening the ecosystem. By aligning investors with the underlying infrastructure, Bitwise recognizes the importance of sustaining the work of open-source developers. This move not only benefits the Bitcoin community but also showcases the growing recognition and support for cryptocurrency innovation. With other companies like VanEck also pledging donations for Bitcoin development, it highlights the collective effort to drive the future of digital finance.
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