Bitwise Allocates 10% of Bitwise Bitcoin ETF Profits to Support Bitcoin Open-Source Development 💰💡🚀

Bitwise Asset Management to allocate 10% of BTC ETF profits to support open-source development for Bitcoin

Bitwise plans to donate 10% of the profits from its Spot Bitcoin ETF to support open-source Bitcoin development.

Last updated: January 10, 2024 23:58 EST

bitcoin Source: Pixabay 📝 1 min read 📝

Bitwise Asset Management has made an exciting announcement! They recently revealed their plans to allocate a generous 10% of the profits generated by its Bitwise Bitcoin ETF (BITB) to support Bitcoin open-source development. 🎉💰

CEO Hunter Horsley expressed his enthusiasm about funding core Bitcoin developers, referring to them as the “unsung heroes” who have played pivotal roles since Bitcoin’s inception. 🦸‍♂️ He emphasized Bitcoin’s history of relying on a dedicated community of open-source developers and highlighted the fact that the cryptocurrency launched 15 years ago without a formal fundraising process. 🚀

SEC Finally Approves Bitcoin Spot ETFs 💼✅

Bitwise’s decision to allocate funds towards Bitcoin open-source development comes shortly after the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded fund (ETF) applications on January 10. This approval is a significant milestone as it allows traditional asset managers to offer their clients exposure to Bitcoin through ETFs. 📈💼

This development has the potential to attract a wave of new investors who have not previously held Bitcoin, opening the doors to a wider range of investment possibilities. 💪💵

Contrary to expectations of repayment, Bitwise has clarified that the donations, which will amount to 10% of the Bitwise Bitcoin ETF profits, are intended to contribute to the expansion of the Bitcoin industry. This forward-thinking approach aligns with Bitwise’s recognition of the importance of establishing credibility and supporting the long-term growth of the cryptocurrency ecosystem. 💡💸

Donation Will be Made Annually for a Decade 🎁📆

Hunter Horsley, the CEO of Bitwise Asset Management, stated, “The donations have no strings attached and will be made annually for at least the next 10 years.” This long-term commitment ensures consistent support for the development of the Bitcoin ecosystem. 🙌🌱

The selected non-profit organizations, including Brink, have demonstrated a proven track record in funding Bitcoin open-source development. By partnering with these organizations, Bitwise ensures that the donations will be used effectively and have a meaningful impact on the growth and innovation within the Bitcoin industry. 💡💪

Mike Schmidt, the executive director of Brink, emphasized the significance of sustained support for those building Bitcoin’s future, especially in light of the SEC’s approval of Bitcoin ETFs. He remarked, “It is important to support Bitcoin Core Development in a long-term sustainable way,” highlighting the commitment required to ensure the continued growth and innovation within the Bitcoin ecosystem. 🚀💡

Q&A

Q: How will Bitwise allocate the funds for Bitcoin open-source development? A: Bitwise plans to allocate a generous 10% of the profits generated by its Bitwise Bitcoin ETF (BITB) to support Bitcoin open-source development. These funds will be utilized to expand the Bitcoin industry and contribute to its long-term growth.

Q: Why is the SEC’s approval of Bitcoin ETFs significant? A: The SEC’s approval of Bitcoin ETFs is significant because it allows traditional asset managers to offer clients exposure to Bitcoin through ETFs. This development opens opportunities for a wider range of investors who have not previously held Bitcoin.

Q: Which non-profit organizations will receive the donations from Bitwise? A: Bitwise has selected non-profit organizations, including Brink, that have a proven track record in funding Bitcoin open-source development. These organizations have demonstrated their commitment to the growth and innovation of the Bitcoin ecosystem.

Future Outlook 🌐💡

With the SEC’s approval of Bitcoin ETFs and Bitwise’s commitment to supporting Bitcoin open-source development, the future looks promising for the cryptocurrency industry. Such initiatives help establish credibility and attract new investors who are seeking exposure to Bitcoin within regulated frameworks. 🚀💰

As the Bitcoin ecosystem continues to evolve and mature, it is crucial to sustain support for core Bitcoin development. By investing in open-source projects and leveraging the expertise of dedicated developers, the industry can pave the way for groundbreaking innovations and further market adoption. 💪💡

Overall, Bitwise’s dedication to giving back and nurturing the Bitcoin community is commendable. With ongoing support and collaboration between asset managers, developers, and regulatory bodies, the potential for cryptocurrency growth becomes even more exciting and promising. 🌟💸

🚀 Share your thoughts on this exciting development and spread the news about Bitwise’s commitment to Bitcoin open-source development! 📲💬

References: 1. CEO Hunter Horsley expressed enthusiasm about funding core developers: Read more 2. Awesomelinking – Bitwise tops Bitcoin ETF low-fee table, Grayscale bets on size: Read more 3. CyberMagazines – Bitcoin breaks securities barrier, registered funds want exposure to BTC: Read more

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