To donate 10% of Bitcoin ETF profits to BTC open source development

Bitwise, a cryptocurrency index fund manager, has announced its commitment to contribute 10% of its proceeds from the Bitwise Bitcoin ETF to support the open source development of BTC.

The decision coincides with the recent approval of the investment product on Wednesday, meeting wide expectations in the industry.

Bitwise Fund for Bitcoin Development

In a thread posted on X on January 11, Bitwise revealed its intention to direct the proceeds from its Bitcoin ETF to three specific crypto organizations: Brink, OpenSats, and the Human Rights Foundation.

Bitwise's decision to contribute to these organizations stems from Bitwise's desire to show appreciation to developers, researchers, educators, investors, and the entire community dedicated to growing the world through Bitcoin.

Bitwise will donate 10% of the Bitwise Bitcoin ETF (Ticket: BITB) to Bitcoin open source development.

Host Organs: – @BitcoinBrink – @OpenSats – @HRF

Bitcoin is useful in the future. We are excited to support the $BITB foundation 👇 pic.twitter.com/JMzd4bMOB9

— Bitwise (@BitwiseInvest) January 10, 2024

Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, emphasized the importance of Bitcoin as a technology that promotes freedom, especially for financially oppressed individuals worldwide.

The Bitcoin Development Fund was launched by the Human Rights Foundation to support developers who have this transformative impact, and Bitwise welcomes its commitment to this cause, he added.

Bitwise, an early proponent of Bitcoin, was one of the first companies to launch ads highlighting the asset and futures ETF.

Additionally, Bitwise announced a fee waiver for ETFs for the first six months or the first $1 billion in assets, followed by a lower fee of 0.20%.

Similarly, the investment firm Vanc recently decided to allocate 5% of the profits from its proposed Bitcoin ETF to support core developers in Brink. Van Eyck acknowledges the critical role developers play as important pillars of the Bitcoin ecosystem, expressing gratitude for their contributions.

SEC approves Spot Bitcoin ETF

In the past few months, various areas of the crypto sector have waited for the potential approval of Bitcoin ETF applications. This investment product, which has previously disappeared in the United States, seems to be on an inevitable trajectory.

As the deadline approaches, the SEC has approved 11 spot Bitcoin ETFs. These companies are now allowed to introduce US-listed exchange-traded funds (ETFs) that track bitcoin.

Approved ETFs are scheduled to be listed on all registered national exchanges in the US, including the Nasdaq, NYSE, and CBOE. Trading on the CBOE will begin at 9:00 a.m. on January 11, following the opening of the U.S. stock market.

In the hours leading up to approval, BlackRock and ARK 21Shares revised their filings, disclosing lower fees than originally disclosed.

Despite these adjustments, Bitwise remains the leader with the lowest management fees at 0.2%, followed by ARK 21Shares, BlackRock and Fidelity respectively.