Bitwise to Donate 10% of Ethereum ETF Profits to ETH Open-Source Development

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As a researcher with a background in cryptocurrencies and finance, I am thrilled to witness Bitwise Asset Management’s latest announcement of donating 10% of their profits from the Ethereum ETF (ETHW) to the Ethereum open-source development protocol. This initiative resonates deeply with me, given my belief in the importance of supporting the ongoing efforts of those working diligently to improve Ethereum’s security, scalability, and usability.

Beginning Tuesday, Ethereum ETFs from Bitwise Asset Management will be available for trading. In an admirable move, Bitwise has announced that it will contribute 10% of ETHW‘s earnings to the Ethereum open-source development community. The launch of the Bitwise Ethereum ETF (ETHW) on the New York Stock Exchange is imminent. This generous plan ensures that all members of the Ethereum ecosystem benefit from these donations.

Bitwise, the asset manager, has made it clear that they don’t accept Ethereum’s protocol and essential features as given. Through their ETHW initiative, they’ve shown eagerness to contribute to the ongoing enhancements focused on Ethereum’s security, scalability, and user-friendliness.

Bitwise has announced their intent to keep contributing funds to various organizations for a minimum of ten years. The beneficiary charities may be revised yearly to maintain relevance and compatibility with Ethereum’s progressing requirements.

The Bitwise Ethereum ETF (ETHW) generated profits amounting to 10%, which Bitwise intends to donate towards the advancement of Ethereum’s open-source protocol.
Recipient orgs:– @ProtocolGuild– @PBS_Foundation
We cannot take Ethereum and its core protocol properties for granted.
We’re excited for ETHW to…
— Bitwise (@BitwiseInvest) July 22, 2024

Bitwise CEO on Crypto ETPs

Huntington Horsley, CEO of Bitwise, expressed his viewpoint on the implications of traditional finance (TF) asset management firms planning to introduce crypto exchange-traded products (ETPs). He underscored that this trend is a major positive development for the cryptocurrency sphere. By endorsing and legitimizing the asset class, these firms can draw in hesitant mainstream investors who previously harbored doubts. Furthermore, they possess substantial financial resources and an extensive network.

Horsley continued by explaining that Bitwise has transitioned from being a conventional financial company and now places more emphasis on acting as a voice for the crypto community. He highlighted Bitwise’s distinct role as a guardian for the community, stressing their dedication to fostering open-source advancements, disclosing public addresses as a transparency measure on blockchains, encouraging partners to adopt taproot upgrades, utilizing Ethereum Name Service (ENS), and employing best practices gained through six years of experience.

Horsley emphasized Bitwise’s dedication to keeping clients informed and involved as they amplify the crypto community’s message. He was thrilled to announce the upcoming ETP launches and looked forward to Bitwise’s ongoing involvement in the industry.

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2024-07-23 15:42