Bitwise Asset Management recently announced its intention to allocate 10% of profits from the Bitwise Bitcoin ETF to support open source bitcoin projects. The move is aimed at fostering innovation and development in the bitcoin community.
The company has selected several charitable organizations including Brink, OpenSats, and the Human Rights Foundation to oversee the distribution of these funds to deserving developers. By partnering with these organizations, Bitwise ensures that donations reach the people who can make the biggest impact.
Bitwise will donate 10% of the profits of the Bitwise Bitcoin ETF (ticker: BITB) to bitcoin open-source development.
— Bitwise (@BitwiseInvest) January 10, 2024
Recipient orgs:
- @BitcoinBrink
- @OpenSats
- @HRF
Bitcoin is important to the future. We're excited for $BITB to support its foundation 👇 pic.twitter.com/JMzd4bMOB9
Bitwise plans to make annual payments over the next decade, demonstrating its long-term commitment to supporting the bitcoin ecosystem. This commitment reflects the company's recognition of the critical role the community plays in the development of bitcoin.
Bitcoin's success is due to the tireless efforts of a dedicated group of developers who work tirelessly to improve the open source infrastructure. #Bitwise recognizes the contributions of these "unsung heroes" and seeks to strengthen the bond between bitcoin investors and the technology behind it.
The company is grateful to the entire bitcoin community whose collective efforts have helped make the world a better place through the adoption of the #first cryptocurrency.
Jan van Eck, CEO of VanEck, also shares Bitwise's commitment to supporting developers. #VanEck has been actively promoting ETFs, conducting educational seminars and research since 2017. As part of these efforts, 5% of profits from the VanEck Bitcoin Trust will be donated to support developers through the Brink organization.
2/ Neither have we badmouthed the concept of decentralized, opensource software. Bitcoin and blockchain technology are public goods. That’s why we’re donating 5% of our profits to Bitcoin core developers. @bitcoinbrink
— Jan van Eck (@JanvanEck3) January 10, 2024
Bitwise and VanEck have long been involved in creating spot #bitcoin ETFs. Bitwise filed its application five years ago and VanEck filed its application three years ago. The recent SEC approval of 11 digital gold-based spot exchange traded funds further confirms the growing acceptance of cryptocurrencies in the financial market.
It is worth noting that prior to the SEC's official announcement, hackers gained unauthorized access to the regulator's account and spread false news about the ETF's approval. This incident caused unwanted volatility in the market, emphasizing the need for robust security measures in the cryptocurrency industry.
Bitwise's commitment to dedicate a portion of its profits to support open source bitcoin projects demonstrates the company's commitment to fostering innovation and development in the bitcoin community. By partnering with charitable organizations and giving back to the community, Bitwise aims to strengthen the connection between investors and the underlying technology.
VanEck's support of developers further emphasizes the importance of collaboration for the growth of the cryptocurrency ecosystem. The recent approval of spot exchange-traded funds by the US Securities and Exchange Commission (#SEC) was a major milestone in the acceptance of cryptocurrencies in the financial market.
