Bitwise Bitcoin ETF Supports Open-Source Development with 10% Donation

A Bitwise ETF, Bitcoin Foundation and Open Source banners

In a groundbreaking move that amplifies its commitment to the core ethos of Bitcoin, Bitwise Asset Management has declared an unprecedented pledge: dedicating a remarkable 10% of profits generated by its flagship Bitwise Bitcoin ETF (BITB) to support open-source development. This bold initiative marks a significant departure from the norm in the realm of cryptocurrency ETFs, signaling Bitwise’s renewed focus on fostering innovation and collaboration within the blockchain community.

Bitcoin is Important to The Future

This amplified pledge underscores the critical role open-source developers play in Bitcoin’s progression. By doubling down on its support, Bitwise aims to magnify the potential impact of its contributions, recognizing the pivotal role played by open-source initiatives in shaping the future of blockchain technology.

In a Twitter post on January 10, Bitwise wrote:

“Bitwise will donate 10% of the profits of the Bitwise Bitcoin ETF (ticker: BITB) to bitcoin open-source development.” The post added that Bitcoin is important to the future and that Bitwise will support its foundation.

Bitwise Twitter post image stating that "10% of BITB profits will be donated to Bitcoin open-source development"

Prominent Beneficiaries of the Fund

The pledged funds will be directly allocated to key open-source projects and initiatives that are instrumental in steering the course of Bitcoin’s future. Notable beneficiaries include core development teams such as BitcoinBrink, OpenSats and HRF.

Mirroring its initial commitment, this new pledge extends for a minimum of 10 years, showcasing Bitwise’s steadfast dedication to the long-term sustainability of the open-source ecosystem. This sustained financial backing aims to provide developers with essential resources and stability, fortifying a robust foundation for continuous innovation.

A New Standard for Corporate Participation

Bitwise’s bold move serves as a catalyst for reshaping the discourse around financial entities’ responsibilities to open-source communities. Setting a new standard for corporate participation, it calls upon other industry players to acknowledge the symbiotic relationship between financial success and a flourishing open-source ecosystem.

By prioritizing open-source development, Bitwise transcends mere profit-driven endeavors. The company’s commitment reflects a genuine dedication to the core principles of Bitcoin: collaboration, transparency, and decentralized innovation. This strategic move positions Bitwise as a leader within the cryptocurrency space, actively contributing to the long-term health and prosperity of the entire blockchain ecosystem.

Cryptoinfowatch reported on January 7, that VanEck, a leading asset management group, pledged that it will invest in the Bitcoin ecosystem for the long term and support the open-source Bitcoin Core development. Both entities are among eleven issuers approved by the Securities and Exchange Commission for spot Bitcoin ETFs.

Author: Grace

Grace likes gardening. She holds some BTC and ETH.