Bitwise, the manager of a cryptocurrency index fund, has pledged to contribute 10% of the proceeds from the recently approved Bitwise Bitcoin ETF to support the open-source development of BTC.
The decision, aligned with industry expectations, includes directing funds to organizations like Brink, OpenSats, and the Human Rights Foundation. This move reflects Bitwise’s gratitude to the Bitcoin community and its commitment to fostering global development.
The Human Rights Foundation’s Chief Strategy Officer, Alex Gladstein, lauded Bitwise’s support for the Bitcoin Development Fund, emphasizing Bitcoin’s role in promoting global financial freedom.
Bitwise, an early Bitcoin advocate, also announced a fee waiver for the initial six months or the first $1 billion in assets for the ETF, followed by a low 0.20% fee.
Other investment firms, like VanEck, have similarly pledged a percentage of profits from their proposed spot Bitcoin ETFs to support core developers.
With the recent approval of 11 spot Bitcoin ETFs by the SEC, the U.S. is set to witness the introduction of the first exchange-traded funds tracking Bitcoin. Bitwise leads with the lowest management fees at 0.2%, followed by ARK 21Shares, BlackRock and Fidelity.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
