Key Points
- Bitwise Asset Management has donated $250,000 to support Bitcoin and Ethereum developers.
- The donations are part of Bitwise’s commitment to reinvest 10% of its Bitcoin and Ethereum ETFs’ profits back into the crypto ecosystem.
Bitwise Asset Management has fulfilled its pledge to reinvest a portion of its Bitcoin and Ethereum ETFs’ profits back into the cryptocurrency ecosystem. The firm has announced a donation of $150,000 to non-profit organizations Brink, OpenSats, and the Human Rights Foundation (HRF) to support open-source Bitcoin developers. This marks the first contribution under Bitwise’s commitment to donate 10% of gross profits from its Bitcoin ETF (BITB) annually.
A tweet from Bitwise stated, “Today, Bitwise is donating $150,000 to support Bitcoin open-source developers, who work tirelessly to secure and maintain the network.” This donation comes as part of the company’s commitment to donate 10% of the gross profits of its Bitcoin ETF each year.
Supporting Ethereum Development
In addition, Bitwise has also donated $100,000 to two non-profit initiatives—Protocol Guild and the PBS Foundation—to support Ethereum protocol research and development. This action is the first annual Ethereum donation following the launch of its Ethereum ETF (ETHW) in July 2024.
The company expressed its belief in the transformative potential of Ethereum and its commitment to being a good steward of the ecosystem. SoSoValue data shows that as of February 18, BITB has recorded a cumulative net inflow of $2.16 billion and holds 39,954.02 BTC—valued at approximately $3.76 billion. Meanwhile, ETHW has accumulated $347.5 million in net inflows and holds 105,672 ETH, worth around $277.86 million in total assets.
The decision to reinvest ETF profits back into Bitcoin and Ethereum development was widely praised by the crypto community. Prominent hedge fund manager Thomas Kralow lauded the initiative, stating that Bitwise is “doing the right thing” and that the effort shows appreciation for the hard work of developers who sustain these networks.
Bitwise’s Evolution and Expansion
Bitwise CEO Hunter Horsley stated last year that the company has evolved beyond being just another traditional financial institution. It is now more focused on supporting and representing the crypto community. On February 18, Bitwise became the first US Bitcoin ETF provider to disclose the on-chain address of its BITB holdings, further solidifying its reputation for transparency.
The firm has filed for multiple new funds, including the Bitwise 10 Crypto Index Fund ETF, which aims to provide investors exposure to ten leading cryptocurrencies, including Bitcoin, Ethereum, Solana, and XRP. However, the SEC has extended its decision deadline to March 3, 2025, to review the proposal. In the meantime, the SEC has already acknowledged a filing by Cboe BZX Exchange to list and trade shares of a Bitwise XRP ETF.
