Bitwise Asset Management Pledges 10% of BITB Profits to Support Bitcoin Open-Source Development 🚀💰

This pledge to donate 10% of profits from the spot Bitcoin ETF increases VanEck's pledged donation from last Friday.

Bitwise, the issuer of the Spot Bitcoin ETF, has committed to allocating 10% of their profits towards supporting open-source BTC development.

Bitwise Asset Management has just announced a groundbreaking initiative that aims to support Bitcoin open-source development. The company has committed to donating 10% of the profits from its flagship product, the Bitwise Bitcoin ETF (BITB), to three non-profit organizations: Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund. The donations, to be made annually over the next decade, will provide vital funding for the unsung heroes who tirelessly dedicate themselves to improving the security, scalability, and usability of the Bitcoin network.

🤝 Supporting the Unsung Heroes 🦸‍♂️

Bitcoin, the revolutionary digital currency that took the world by storm, was launched 15 years ago without any fundraising efforts. Instead, it has always relied on a dedicated community of open-source developers who work tirelessly behind the scenes. These developers are the unsung heroes who ensure that the Bitcoin network runs smoothly and securely.

Recognizing the importance of supporting Bitcoin core development in a sustainable manner, Bitwise Asset Management has stepped up to the plate. Hunter Horsley, the CEO of Bitwise, expressed his excitement about the Bitwise Bitcoin ETF (BITB) becoming a source of recurring funding for these unsung heroes.

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📈 Donations Without Strings Attached 🎁

The donations made by Bitwise will have no strings attached, showcasing the company’s long-term commitment to fostering sustainable support for Bitcoin core development. This commitment is not a one-time event; it is a decade-long pledge to back those who work tirelessly to improve the Bitcoin ecosystem.

🏆 Carefully Chosen Beneficiaries 💡

Bitwise Asset Management has selected its beneficiaries based on their track record and commitment to funding Bitcoin open-source development. Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund have all earned their place as recipients of these donations. Each organization will undergo an annual review to ensure continued alignment with Bitwise’s mission.

💪 Setting a Precedent for Institutional Support ⚡️

Bitwise’s proactive stance in supporting open-source contributors vital to the Bitcoin ecosystem has been praised by industry leaders. Matt Odell, co-founder of OpenSats, lauded Bitwise for leading by example: “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.”

🔀 Doubling Down on Commitments 🤝

Bitwise Asset Management’s pledge to donate 10% of spot Bitcoin ETF profits doubles the commitment made by another issuer, VanEck. Just last week, VanEck announced that it would also be donating its profits to Brink. This growing support from institutional players shows a promising trend and highlights the significance of these open-source contributors in shaping the future of Bitcoin.

🔮 The Future of Bitcoin’s Foundational Development ⏳

Bitwise Asset Management’s commitment to donating a significant portion of the profits generated by BITB is a clear indication of the company’s vision for the future. By providing sustained support for Bitcoin’s foundational development, Bitwise is making a profound impact on the cryptocurrency industry as a whole. This effort sets a precedent for other Bitcoin ETF issuers to step up and support the open-source contributors who make this ecosystem possible.

🌐 Find Out More 👉 BITB Website

With this new initiative, Bitwise Asset Management establishes a new era of sustained support for Bitcoin’s core development. The dedication and passion of these open-source developers will continue to drive the innovation and success of the Bitcoin network.

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Q&A: What Else Should You Know About Bitcoin Open-Source Development?

Q: Why is open-source development crucial for Bitcoin?

A: Open-source development plays a vital role in the Bitcoin ecosystem as it allows anyone to contribute to the codebase. This collaborative approach ensures that the network remains secure, scalable, and adaptable to new technologies and challenges. Without open-source development, Bitcoin’s progress would be limited and the network’s integrity could be compromised.

Q: Who are the beneficiaries of Bitwise’s donations?

A: Bitwise has carefully chosen three organizations to receive its donations: Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund. These organizations have demonstrated a strong commitment to funding Bitcoin open-source development and will utilize the donations to support the ongoing improvement of the Bitcoin network.

Q: How will Bitwise ensure the transparency and effectiveness of its donations?

A: Bitwise is committed to ensuring that its donations align with its mission and provide tangible benefits to Bitcoin core development. To achieve this, the organization will conduct annual reviews of its chosen beneficiaries, ensuring that the funds are utilized in a manner that best supports the growth and enhancement of the Bitcoin ecosystem.

Q: What message does Bitwise hope to send to other institutional players in the cryptocurrency industry?

A: By pledging a significant portion of its profits to support open-source contributors, Bitwise hopes to set a precedent for other institutional players. The company aims to inspire more organizations to embrace sustainable and long-term support for Bitcoin’s core development. This message reinforces the importance of collaboration and community involvement in shaping the future of the cryptocurrency industry.

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References

1. Bitwise Asset Management Press Release

2. VanEck Commits to Donating 5% of ETF Profits to Bitcoin Developers

3. Human Rights Foundation Grants 18 Bitcoin Projects Worldwide

4. Bitwise ETF Website

5. OpenSats Website

6. Brink Website

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