Bitwise to Contribute 10% of Spot Bitcoin ETF Profits to Advance Industry

Bitwise plans to utilize profits from its spot Bitcoin exchange-traded fund (ETF) to bolster open-source development within the Bitcoin community.

“Bitwise Asset Management announced today that the company will donate 10% of profits of the Bitwise Bitcoin ETF (ticker: BITB) to three non-profit organizations that fund Bitcoin open-source development,” the report stated.

Crypto Asset Fund Manager Bitwise to Donate Portion of Bitcoin ETF Profits

CEO of Bitwise, Hunter Horsley, stated that he is looking forward to being able to fund Bitcoin original developers who have been around since its inception, who he calls the “unsung heroes.”

“Bitcoin was launched 15 years ago without a fundraise and has always been maintained by a dedicated community of open source developers.”

This follows the news on Jan. 10 that the United States Securities and Exchange Commission (SEC) has approved 11 spot Bitcoin exchange-traded fund (ETF) applications.

Horsley stated that the donations will not be expected to be returned, as Bitwise intends to make the donations to further grow the Bitcoin industry.

“The donations have no strings attached and will be made annually for at least the next 10 years,” he further stated.

Bitwise Receivers Demonstrated Credibility

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

The statement noted that the successful applicants were given the opportunity based on their establish track record of funding Bitcoin open-source development.

“The recipient non-profit organizations were selected based on their specific mission and established track record of funding Bitcoin open-source development.”

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