Bitwise Asset Management has announced a $150,000 donation to support the development of Bitcoin’s open-source network, fulfilling a pledge made following the launch of its Bitcoin ETF, BITB, in January 2024. The donation comes from the proceeds of the BITB product and represents 10% of Bitwise’s accrued earnings, as per the firm’s commitment to allocate a portion of its profits to charitable causes.
The donation will be directed towards three nonprofit organizations: Bitcoin Brink, Open Sats, and the Human Rights Foundation (HRF), all of which have established reputations within the Bitcoin ecosystem. Bitwise’s Vice President shared that these organizations play a critical role in maintaining and securing the Bitcoin network, with the aim of encouraging innovation and attracting more talent to the space.
“Thank you to the investors who’ve chosen Bitwise and BITB among many options,” Bitwise wrote on social media. “This donation is made possible because of your choice. We hope you’re as proud as we are to support Bitcoin open-source developers.”
This donation is the first in what Bitwise intends to make an annual contribution, setting a precedent for other Bitcoin ETF issuers. The company hopes that its commitment will inspire increased developer participation and contribute to the ongoing security of the Bitcoin blockchain.
Despite the challenges posed by the current market downturn, Bitwise’s donation reflects the company’s long-term vision and its desire to give back to the broader cryptocurrency community. The timing of the donation aligns with the broader positive developments within the crypto sector, as more companies, including Bitwise, are positioning themselves to benefit from the growing acceptance of cryptocurrency ETFs.
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