Bitwise Asset Management announced that it would allocate 10% of its profits from the spot Ethereum ETF to support Ethereum open source.source development.
BitwiseIn a news release issued on Monday, an index crypto fund manager announced that he would be donating some of his profits from the spot Ethereum ETF (Exchange-Traded Fund).ETFIn an attempt to promote open-source software, Ethereum has made a donation of.source development.
In the announcement, the Chicago-headquartered firm said it will send 10% of profits of the Bitwise Ethereum ETF to two organizations: Protocol Guild, a funding organization, and PBS Foundation, a non-profit research entity. The asset manager said the donations “have no strings attached” The annual report will be published “for at least the next 10 years.”
Hong Kim, Bitwise’s CTO, says that the company wants to offer an extra 10%. source Funding for “unsung heroes who work tirelessly to improve the Ethereum network’s security, scalability, and usability every day.” Bitwise has pledged that it will donate 10% of its profits generated from the spot Bitcoin ETF, in addition to Ethereum. This includes Brink, OpenSats and Human Rights Foundation Bitcoin Development Fund.
This announcement is made as part of the U.S. Securities and Exchange Commission’s (SEC() approved spot Ethereum ETF application from Bitwise Asset Management and BlackRock amongst others. This opens the door for increased institutional adoption of Ethereum and greater investor access.
Crypto.news has reported that the SEC was first to act as a regulator. approved End of May, applications were received for Ethereum ETFs. Trading could not begin until firms received approval of their S-1 documents.
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Source: crypto.news