Ethereum

Bitcoin ETF

First Bitcoin

As spot Ether exchange-traded funds (ETFs) prepare for their debut, asset manager Bitwise has committed to donating 10% of its profits to Ethereum developers.
On July 22, the United States Securities and Exchange Commission (SEC) approved the final S-1 statements necessary for spot Ether ETFs to launch on major stock exchanges, including Nasdaq, the Chicago Board Options Exchange, and the New York Stock Exchange (NYSE).
As it launches its ETF on the NYSE, Bitwise announced that 10% of all profits from the Bitwise Ethereum ETF (ETHW) would be donated to two Ethereum-focused organizations.
According to <a href="https://bitwiseinvestments.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Bitwise</a>, the proceeds will benefit Protocol Guild, which supports over 170 core contributors to Ethereum layer-1 protocol research and development.
Additionally, part of the proceeds will go to the PBS Foundation, a nonprofit that funds open-source Ethereum block relays and provides grants to support Ethereum decentralization.
Hong Kim, Bitwise’s chief technology officer, highlighted the importance of the Ethereum community:
READ MORE: <a href="https://www.cryptointelligence.co.uk/asias-first-bitcoin-futures-inverse-etf-launches-in-hong-kong/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Asia’s First Bitcoin Futures Inverse ETF Launches in Hong Kong</a>
“Every investor in ETHW wants Ethereum to continue to advance, and this donation program contributes to that goal.”
To ensure transparency, Bitwise has also promised to publish the wallet addresses of all its ETHW holdings.
This will enable investors to verify the fund’s holdings and flows directly on the blockchain.
Bitwise made a similar commitment for its spot Bitcoin ETFs.
In January, the company pledged to donate 10% of its profits from the Bitwise Bitcoin ETF (BITB) to the open-source development of Bitcoin.
In addition to Bitwise, VanEck also committed to donating 5% of its spot Bitcoin ETF profits to Bitcoin core developers in January, along with a $10,000 donation to Bitcoin developers.
Crypto analytics firm Kaiko has suggested that the price of ETH could be influenced by the inflows from the newly launched ETFs.
Kaiko’s head of indexes, Will Cai, stated that while a full demand picture may not be clear for several months, the price of ETH might be sensitive to inflow numbers in the initial days.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Bitwise to Donate 10% of Ethereum ETF Profits to Support Ethereum Development

Crypto Intelligence

Other articles published on Jul 25, 2024

Introducing the IOTA Tenity RWA Accelerator Finalists

AI boyfriends business booming as AI companion apps increase

Australia’s Big Banks Block Crypto Payments Amid Rising Crypto Popularity

Bancolombia and Chainlink Collaborate to Secure Stablecoin Operations

BTC ETFs’ Impact on Spot Market Structure

Shibarium Approaches 6 Million Blocks: Can SHIB Price Rebound to $0,0001?

Join our free newsletter for daily crypto updates!