The crypto index fund manager, Bitwise, has announced to donate 10% of profits from its Bitwise Bitcoin ETF to support the open-source development of Bitcoin.
The funds will be directed to three crypto organizations: Brink, OpenSats, and Human Rights Foundation. This move is a gesture of gratitude towards the developers, researchers, and the entire Bitcoin community working towards positive change.
The announcement follows the recent approval by the U.S. Securities and Exchange Commission (SEC) for 11 firms, including Bitwise, BlackRock, and Grayscale, to offer the first U.S.-listed exchange-traded funds (ETFs) tracking Bitcoin.
These ETFs are approved for listing on major U.S. exchanges, with trading going live on January 11. Bitwise, known for its early advertisements on Bitcoin, plans to implement a fee waiver for the first six months or the first $1 billion in assets, followed by a low 0.2% fee.
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The decision to allocate a portion of profits to open-source Bitcoin development is a positive step for the digital asset industry, with the potential for significant inflows and new investors entering the space.
