Key Points
- Bitwise Asset Management plans to donate 10% of ETHW’s profits to Ethereum open-source development.
- Bitwise’s Ether ETF (ETHW) is set to begin trading on the New York Stock Exchange.
Bitwise Asset Management has announced its intention to donate 10% of the profits from its Ether ETF (ETHW) to support the development of the Ethereum open-source protocol. This initiative coincides with the launch of spot Ethereum ETFs, which are set to begin trading on the New York Stock Exchange.
The donations will benefit contributors within the Ethereum ecosystem. Bitwise’s initiative underscores its commitment to not take the Ethereum protocol and its core properties for granted. It aims to support the ongoing efforts of those dedicated to enhancing Ethereum’s security, scalability, and usability.
Long-Term Commitment
The company has pledged to continue these donations for at least the next decade. The recipient organizations will be reviewed annually to ensure their alignment with Ethereum’s evolving needs.
Bitwise CEO, Hunter Horsley, has shared his thoughts on the significance of traditional asset managers launching their crypto exchange-traded products (ETPs). He believes this development is beneficial for the crypto space as it brings credibility and attracts mainstream investors.
Horsley also noted that Bitwise has shifted its focus from being a traditional financial firm to representing the crypto community more closely. The company is committed to supporting open-source development, publishing public addresses as a trust feature of blockchains, advocating for partners to upgrade addresses to taproot, and utilizing the Ethereum Name Service (ENS).
Bitwise remains dedicated to ensuring that clients stay connected with them in amplifying the message of the crypto community. Horsley expressed enthusiasm about the upcoming ETP launches and Bitwise’s continued role in the industry.
