Bitwise Commits to Contributing 10% of Bitcoin ETF Earnings towards BTC Open-Source Advancement

Bitwise Commits to Funding Bitcoin Development

Bitwise, the manager of a cryptocurrency index fund, has announced that it will contribute 10% of the proceeds from the Bitwise Bitcoin ETF to support the open-source development of BTC. This decision comes after the recent approval of the investment product, which was widely anticipated in the industry.

Supporting Specific Crypto Organizations

In a statement on January 11, Bitwise revealed its intention to direct the earnings from its spot Bitcoin ETF to three specific crypto organizations: Brink, OpenSats, and Human Rights Foundation. The goal is to show appreciation to developers, researchers, educators, investors, and the entire Bitcoin community for their contributions.

Other Firms Also Contributing

Bitwise is not alone in its commitment to supporting Bitcoin development. VanEck, another investment firm, has pledged to allocate 5% of potential profits from its proposed spot Bitcoin ETF to support core developers at Brink. Both firms recognize the crucial role developers play in the Bitcoin ecosystem.

SEC Approves Spot Bitcoin ETFs

The approval of various spot Bitcoin ETF applications by the SEC has been highly anticipated in the crypto sector. Now, 11 firms have been authorized to introduce U.S.-listed exchange-traded funds (ETFs) that track Bitcoin. These ETFs will be listed on registered national exchanges such as Nasdaq, NYSE, and CBOE.

Low Management Fees for Bitwise

Bitwise currently offers the lowest management fees among the approved spot Bitcoin ETFs at 0.2%. Other firms such as ARK 21Shares, BlackRock, and Fidelity have also revised their applications and disclosed lower fees ahead of the approval.

Hot Take: Investing in Bitcoin’s Future

Bitwise’s commitment to funding Bitcoin development through its ETF is a significant step towards supporting the growth and innovation of the cryptocurrency. By contributing to specific crypto organizations, Bitwise aims to show gratitude to the individuals and groups dedicated to improving the world through Bitcoin. This move also highlights the increasing recognition of developers as essential pillars of the Bitcoin ecosystem. With the approval of multiple spot Bitcoin ETFs, investors now have more options to participate in the potential gains of Bitcoin while supporting its development.