Bitwise Asset Management said it will allocate 10% of profits from its spot Ethereum ETF toward supporting Ethereum open-source development.
Bitwise, a crypto index fund manager, stated in a Monday release that it plans to donate profits from its spot Ethereum exchange-traded fund (ETF) to support Ethereum developers.
The Chicago-headquartered firm will allocate 10% of profits from the Bitwise Ethereum ETF to Protocol Guild and PBS Foundation. These donations will be made annually "for at least the next 10 years" with "no strings attached," according to the firm.
Bitwise CTO Hong Kim emphasized the intention to support "unsung heroes" working on Ethereum’s security, scalability, and usability. He noted the firm’s commitment to providing an additional funding source for these developers.
Additionally, Bitwise had previously committed to donating 10% of profits from its spot Bitcoin ETF to Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.
The announcement follows the U.S. Securities and Exchange Commission (SEC) approving spot Ethereum ETF applications from Bitwise Asset Management, BlackRock, and 21Shares. This approval is expected to foster broader institutional adoption and enhance investor access to Ethereum.
