Bitwise pledges 10% of BITB ETF gross profits to Bitcoin developers

Bitwise donated $150,000 to enactment Bitcoin (BTC) open-source developers, according to a Feb. 18 announcement.

The funds are equivalent to 10% of the gross profits from its spot Bitcoin exchange-traded money (ETF), BITB, an magnitude pledged since the product’s inception. 

The archetypal publication volition beryllium distributed among 3 nonprofit organizations: Brink, OpenSats, and the Human Rights Foundation (HRF).

Bitwise stated:

“As BITB grows, truthful excessively volition our contribution. Bitcoin is changing the world, and Bitwise volition ever strive to bash our portion to beryllium a bully steward of this unthinkable ecosystem alongside you.”

Additionally, the institution acknowledged its investors arsenic cardinal enablers of this inaugural and expressed gratitude to those who chose BITB among assorted ETF options.

Bitwise CEO Hunter Horsley besides expressed his gratitude to investors for choosing BITB and said helium is arrogant of Bitwise’s contribution.

BITB’s 0.2% fees are among the smallest US-traded Bitcoin ETFs. They necktie with VanEck’s HODL, 1 ground constituent supra Franklin Templeton’s EZBC, and 5 ground points larger than Grayscale’s Bitcoin mini trust.

BITB’s nett flows since motorboat person been affirmative by astir $2.3 billion, making it the fourth-largest US-traded Bitcoin ETF successful inflows, based connected Farside Investors data. 

Arkham Intelligence data revealed that Bitwise holds 41,152 BTC, worthy astir $3.9 cardinal arsenic of property time.

Fostering Bitcoin development

All 3 institutions person established way records of supporting Bitcoin development, and they play a important relation successful maintaining and improving the network’s security, functionality, and decentralization.

Brink has reported enactment to 20 grantees scattered worldwide and secured sponsorship deals with manufacture names specified arsenic Xapo, Coinbase, and Marathon Digital. It besides offers a fellowship programme to developers funny successful moving successful the Bitcoin ecosystem.

Meanwhile, OpenSats precocious completed its ninth circular of grants to Bitcoin-based projects done its General Fund. The foundation aims to foster Bitcoin and Bitcoin-adjacent bundle and amended existing open-source software.

The Human Rights Foundation (HRF) was founded successful 2005 to beforehand and support quality rights globally. Its Bitcoin Development Fund (BDF) was created 5 years agone and has donated implicit $5.5 cardinal done 174 abstracted grants since then, according to its official webpage.

The station Bitwise pledges 10% of BITB ETF gross profits to Bitcoin developers appeared archetypal connected CryptoSlate.