Bitwise, a cryptocurrency index fund manager, has pledged to donate 10% of the proceeds from its Bitwise Bitcoin ETF to support the open-source development of BTC. This move comes in the wake of the recent approval of the investment product, a development that has been eagerly awaited within the industry.
In a thread on X on January 11, Bitwise announced its plan to channel the earnings from its spot Bitcoin ETF to three specific crypto organizations: Brink, OpenSats, and the Human Rights Foundation. This decision is a reflection of Bitwise’s desire to express gratitude to developers, researchers, educators, investors, and the entire community committed to improving the world through Bitcoin.
Alex Gladstein, Chief Strategy Officer of the Human Rights Foundation, highlighted the importance of Bitcoin as a technology that fosters freedom, especially for financially oppressed individuals worldwide. The Bitcoin Development Fund, initiated by the Human Rights Foundation, aims to support the developers making this transformative impact possible. Gladstein welcomed Bitwise’s commitment to this cause.
Bitwise, an early Bitcoin advocate, was one of the first companies to launch advertisements emphasizing the asset and the upcoming spot ETF. Furthermore, Bitwise has declared a fee waiver for the first six months or the first $1 billion in assets for the ETF, followed by a low 0.20% fee.
Similarly, investment firm VanEck recently pledged to allocate 5% of potential profits from its proposed spot Bitcoin ETF to support core developers at Brink. VanEck recognized the crucial role developers play as key pillars of the Bitcoin ecosystem and expressed appreciation for their contributions.
Over the past few months, the crypto sector has been awaiting the potential approval of various spot Bitcoin ETF applications. This investment product, previously absent in the United States, seemed to be on an inevitable path. As the decision deadline neared, the SEC approved 11 spot Bitcoin ETFs. These firms are now permitted to launch the first U.S.-listed exchange-traded funds (ETFs) that track Bitcoin.
The approved ETFs are scheduled to be listed on all registered national exchanges in the U.S., including the Nasdaq, NYSE, and CBOE. Trading is set to begin at the CBOE from 9 am on January 11, coinciding with the opening of the U.S. stock market.
In the hours leading up to the approval, BlackRock and ARK 21Shares revised their applications, disclosing even lower fees than initially stated. Despite these adjustments, Bitwise remains the frontrunner with the lowest management fees at 0.2%, followed by ARK 21Shares, BlackRock, and Fidelity sequentially.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Alex Gladstein |
| Companies | VanEck, Brink, OpenSats, Bitwise, Human Rights Foundation |
| Currencies | Bitcoin |
| Securities | None |
