Bitwise Donates ETF Profits to Bitcoin Devs
Bitwise Asset Management is donating $233,000 to Bitcoin open-source developers. The gift is part of the firm's pledge to give away 10% of the gross profits from its Bitcoin ETF (BITB) each year to support the ecosystem.
Bitwise's donation is part of a larger pledge to contribute 10% of the gross profits from its Bitcoin ETF (BITB) to support open-source development for at least the next decade. This initial contribution of $233,000 is based on the profits generated by the fund. The funds will be distributed to three non-profit organizations: Brink, OpenSats, and the Human Rights Foundation's Bitcoin Development Fund. These organizations were chosen for their established track records in supporting Bitcoin open-source projects. Brink is a non-profit organization founded in 2020 to support the Bitcoin developer community through grants, mentorship, and a fellowship program to onboard new developers. In 2023, Brink donated over $1 million to Bitcoin developers. OpenSats is a 501(c)(3) public charity that supports the funding of free and open-source projects related to Bitcoin. The organization has allocated over $32 million to 382 grantees in more than 40 countries. The Human Rights Foundation's Bitcoin Development Fund was established to support developers working on making the Bitcoin network more private, resilient, and usable for people worldwide. Other investment firms have made similar commitments. VanEck, for instance, has pledged to donate 5% of the profits from its spot Bitcoin ETF to support core developers at Brink. These donations highlight a growing trend of financial institutions that benefit from the Bitcoin ecosystem contributing to its underlying infrastructure. The open-source nature of Bitcoin means it relies on a global, volunteer community of developers for its maintenance and security.
