Ethereum

Human

Foundation

As Bitwise’s ETHW joins other<a href="https://thecoinrise.com/five-ethereum-etfs-to-begin-trading-on-cboe-on-july-23/" rel="noopener noreferrer nofollow"> spot Ethereum exchange-traded funds, which commenced trading</a> in the United States following the regulatory green light, the asset manager has made a notable declaration.<a href="https://thecoinrise.com/bitwise-cio-predicts-ethereum-etf-inflows-will-push-price-to-5000/" rel="noopener noreferrer nofollow"> Bitwise</a> pledged to donate 19% of its profit from ETF trading to Ethereum developers.
<h2 id="b-beneficiaries-protocol-guild-and-pbs-foundation-b">Beneficiaries: Protocol Guild and PBS Foundation</h2>
According to the<a href="https://www.businesswire.com/news/home/20240722523467/en/The-Bitwise-Ethereum-ETF-ETHW-Set-To-Launch-on-the-NYSE-Firm-Announces-Donation-to-Ethereum-Developers-Will-Publish-Blockchain-Addresses-To-Showcase-Transparency" rel="noopener noreferrer nofollow"> statement</a>, Protocol Guild and PBS Foundation are two beneficiary organizations for the donation. Protocol Guild as an organization supports over 170 core contributors involved in the research and development of the Ethereum blockchain. PBS Foundation on its part funds open-source Ethereum block relays and associated research.
Hong Kim, Bitwise Chief Technology Officer says the goal of the donation is to support the teeming members of the community and investors dedicated to the continued advancement of Ethereum. The maintenance of Ethereum open-source technology is by members of the community.
<h2 id="b-coinbase-as-custodian-and-bitwise-s-fee-waiver-b">Coinbase as Custodian and Bitwise’s Fee Waiver</h2>
Following the regulatory nod, Coinbase will serve as the digital asset custodian to Bitwise’s ETHW trading on the New York Stock Exchange, NYSE. As per its filing with the SEC, Bitwise has a management fee of 0.2%. However, for the first six months or first $500 million in assets, the fees have been waived.
Bitwise performed a similar gesture in January of this year after launching its spot Bitcoin ETF. In that instance, three non-profit organizations involved in funding open-source development of Bitcoin, namely OpenSats, Brink and the Human Rights Foundation’s Bitcoin Development Fund were beneficiaries of the 10% BITB profits. The trio will continue to benefit from the annual donation till at least 2034.
<h2 id="b-bitwise-s-tradition-of-support-b">Bitwise’s Tradition of Support</h2>
Meanwhile, following in its tradition of transparency, Bitwise has assured that it will publish its Ethereum addresses for all ETHW holdings just like it did with its Bitcoin addresses for its ETF holdings. This will allow investors to independently verify the fund’s holdings and flows on the blockchain.
Since January till now,<a href="https://thecoinrise.com/bitcoin-etfs-see-significant-inflows-amid-economic-uncertainty/" rel="noopener noreferrer nofollow"> Bitwise’s BITB product has made over $2.2 billion in net inflows</a>, with $2.7 billion in assets under management. Matt Hougan, Bitwise CIO, while acknowledging the assets have different use cases and strengths, maintained optimism that the commencement of trading for spot Ethereum ETF will push the price of ETH to record levels. 
The post <a href="https://thecoinrise.com/bitwise-pledges-10-of-ethereum-etf-profits-to-fuel-open-source-innovation/" rel="noopener noreferrer nofollow">Bitwise Pledges 10% of Ethereum ETF Profits to Fuel Open-Source Innovation</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Bitwise Pledges 10% of Ethereum ETF Profits to Fuel Open-Source Innovation

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