Spot Bitcoin ETF Issuer Bitwise Pledges 10% of Profits To Fund Open-Source BTC Development

Right this moment, Bitwise Asset Management unveiled a brand new initiative, confirming their pledge to allocate 10% of earnings from the Bitwise Bitcoin ETF (BITB) in direction of supporting Bitcoin open-source improvement, in response to a press launch despatched to Bitcoin Journal. 

The donations will profit three esteemed non-profit organizations – Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.

“Bitcoin was launched 15 years ago without a fundraise and has always been maintained by a dedicated community of open source developers,” mentioned Bitwise CEO Hunter Horsley. “We’re excited for the Bitwise Bitcoin ETF (ticker: BITB) to provide a source of recurring funding for those unsung heroes who work tirelessly to improve the Bitcoin network’s security, scalability, and usability every day.”

The donations, to be made yearly for the following decade, come with none strings hooked up, reinforcing Bitwise’s long-term dedication to fostering sustainable assist for Bitcoin Core Development. 

“It is important to support Bitcoin Core Development in a long-term sustainable way,” mentioned Mike Schmidt, the chief director of Brink. “Bitwise’s decade-long pledge is a win-win-win with Bitwise profits leading to developer funding leading to improvements to the open source software underpinning the industry.”

The recipient organizations have been rigorously chosen primarily based on their established observe report and dedication to funding Bitcoin open-source improvement, topic to annual assessment for continued alignment with Bitwise’s mission, in response to the discharge.

Acknowledging Bitwise’s proactive stance, Matt Odell, cofounder of OpenSats, lauded the corporate for setting a precedent in supporting open-source contributors important to the Bitcoin ecosystem: “It is great to see large institutions supporting the open-source contributors who make this ecosystem possible. Bitwise is leading by example for all Bitcoin ETF issuers going forward.”

This dedication to donating 10% of spot Bitcoin ETF earnings doubles what one other issuer, VanEck, pledged to donate final Friday. VanEck may even be donating their earnings to Brink.

“Bitcoin is a critical piece of freedom technology serving financially oppressed people around the world today,” mentioned Alex Gladstein, the chief technique officer of the Human Rights Basis. “We started the Bitcoin Development Fund to support the developers who make this all possible, and we’re delighted that Bitwise is committed to supporting this important cause.”

For extra particulars on BITB and the donation program, events can go to their web site here, heralding a brand new period of sustained assist for Bitcoin’s foundational improvement.

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