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Crypto investment firm Bitwise will be contributing 10% of its profits from the spot Ethereum ETF – exchange-traded fund – to ETH open-source developers.
The asset manager’s spot Ethereum ETF (ETHW) is set to commence trading on the New York Stock Exchange on July 23, following the highly anticipated approval of Ethereum funds by the US Securities and Exchange Commission (SEC).
“We cannot take Ethereum and its core protocol properties for granted,” Bitwise stated on X.
“We’re thrilled for ETHW to assist those who maintain the Ethereum protocol. The unsung heroes who diligently work every day to enhance Ethereum’s security, scalability, and usability.”
Bitwise will allocate 10% of the profits from the Bitwise Ethereum ETF (ETHW) to the development of the Ethereum open-source protocol.
Recipient organizations:
– @ProtocolGuild
– @PBS_FoundationWe cannot take Ethereum and its core protocol properties for granted.
We’re thrilled for ETHW to… pic.twitter.com/D0cAv8JmPt
— Bitwise (@BitwiseInvest) July 22, 2024
Additionally, Bitwise intends to donate the profits from the Ethereum ETF annually for at least the next 10 years. However, the recipient organizations may change based on Bitwise’s annual evaluations.
Currently, according to the company announcement, two organizations – Protocol Guild, which supports over 170 core Ethereum developers, and PBS Foundation, an open-source Ethereum infrastructure platform, will be the beneficiaries of the donations.
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“The Ethereum commons relies on open-source contributions from individuals globally,” remarked Trent Van Epps, a member of Protocol Guild.
“Bitwise’s support for Protocol Guild members is a commendable example of the ecosystem giving back to fund this vital stewardship.”
Bitwise Pledged 10% Profit Allocation From Spot Bitcoin ETF – BITB
In January, Bitwise committed to allocating 10% of profits from its Bitcoin ETF (BITB) to support Bitcoin open-source development. The company selected three non-profit organizations – Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.
The firm carefully selected the recipient organizations based on their proven track record and dedication to funding Bitcoin open-source development.
Similar to Bitwise, VanEck also pledged to donate 5% of its spot Bitcoin ETF profits. It began by making an initial $10,000 contribution to support Bitcoin Core development.
Bitwise recently encountered a multi-million dollar lawsuit concerning fraud, negligence, and executing a “pump and dump” scheme that led to substantial financial losses for investors. The company’s early investors – the Mukamal family – have accused Bitwise’s top executives of $2 million in damages.
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