Bitwise will donate 10% of Bitcoin ETF profits to support open source development
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Cryptocurrency index fund management company Bitwise has pledged to allocate 10% of profits from the Bitwise Bitcoin ETF to support open source development of Bitcoin.
exist X thread On January 11, Bitwise said it would send proceeds from its Bitcoin spot ETF to three cryptocurrency organizations: Brink, OpenSats, and the Human Rights Foundation.
Bitwise said it hopes to use the donation to “express gratitude to the developers, researchers, builders, educators, investors, and the entire community working to make the world a better place through Bitcoin.”
Investment firm VanEck also earlier pledged to allocate 5% of potential profits from its proposed spot Bitcoin ETF to Brink’s Bitcoin Core developers. VanEck expressed his gratitude in a statement and acknowledged the role developers play as the cornerstone of the Bitcoin ecosystem.
The announcement comes shortly after the U.S. Securities and Exchange Commission (SEC) approved 11 companies including Bitwise, BlackRock, and Grayscale. The companies have now been authorized to begin offering the first U.S.-listed exchange-traded funds (ETFs) tracking Bitcoin.
According to crypto.news, the ETFs have been approved for listing on all registered national exchanges in the United States, including Nasdaq, the New York Stock Exchange, and the Chicago Board Options Exchange, and will be listed on the Chicago Board Options Exchange at 9 a.m. on January 11. Start trading when US stocks open.
Hours before the approval, BlackRock and ARK 21Shares submitted revised applications disclosing even lower fees than previously mentioned. However, Bitwise still has the lowest management fee at 0.2%, followed by ARK 21Shares, BlackRock and Fidelity.
