Coinspeaker
Bitwise to Donate 10% of Ethereum ETF Profits to ETH Open-Source Development
As the spot Ethereum ETFs are all set to go live for trading on Tuesday, Bitwise Asset Management has undertaken a key initiative of donating 10% of ETHW’s profits to the Ethereum open-source development protocol. The Bitwise Ether ETF (ETHW) will go live for trading on the New York Stock Exchange later today. This is a brilliant initiative as the donations would go to all the contributors within the Ethereum ecosystem.
Bitwise said that it is not willing to Take the Ethereum protocol and its core properties for granted. With its ETHW initiative, the asset manager expressed excitement aimed at supporting the ongoing efforts of those dedicated to improving Ethereum’s security, scalability, and usability.
Bitwise stated that it would continue to make donations for at least the next 10 years. Recipient organizations for these donations will be subject to change based on an annual review to ensure continued alignment with Ethereum’s evolving needs.
Bitwise will donate 10% of the profits of the Bitwise Ethereum ETF (ETHW) to Ethereum open-source protocol development.
Recipient orgs:
– @ProtocolGuild
– @PBS_FoundationWe cannot take Ethereum and its core protocol properties for granted.
We’re excited for ETHW to… pic.twitter.com/D0cAv8JmPt
— Bitwise (@BitwiseInvest) July 22, 2024
Bitwise CEO on Crypto ETPs
Bitwise CEO Hunter Horsley recently shared his thoughts on the impact of traditional finance (TradFi) asset managers looking to launch their crypto exchange-traded products (ETPs). He emphasized that this development is one of the best things to happen to the crypto space, as these asset managers bring significant endorsement and credibility to the asset class, attracting mainstream investors who were previously uncertain. Additionally, they have substantial resources and extensive reach.
Horsley further stated that Bitwise has shifted its focus from being a traditional financial firm and now puts greater focus on representing the crypto community. He articulated Bitwise’s unique role as a steward for the community, emphasizing their commitment to supporting open-source development, publishing public addresses as a trust feature of blockchains, advocating for partners to upgrade addresses to taproot, utilizing the Ethereum Name Service (ENS), and leveraging best practices developed over six years.
Horsley said that Bitwise remains committed to ensuring that clients remain well-connected with them in amplifying the message of the crypto community. Horsley expressed excitement about the upcoming ETP launches and Bitwise’s continued role in the industry.
Bitwise to Donate 10% of Ethereum ETF Profits to ETH Open-Source Development
