Bitwise Asset Management, a leading cryptocurrency investment firm, has announced a new initiative to allocate 10% of profits from its Bitwise Bitcoin ETF (BITB) towards supporting Bitcoin open-source development. The company’s CEO, Hunter Horsley, stated that the donations will benefit three esteemed non-profit organizations – Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.
Bitcoin, the world’s first decentralized cryptocurrency, was launched 15 years ago without any fundraising efforts and has since been maintained by a dedicated community of open-source developers. Bitwise’s commitment to allocating a portion of its profits to support these unsung heroes reflects the company’s recognition of their tireless efforts to improve the Bitcoin network’s security, scalability, and usability.
The donations, which will be made annually for the next decade, come without any strings attached, demonstrating Bitwise’s long-term dedication to fostering sustainable support for Bitcoin Core Development. Mike Schmidt, the executive director of Brink, emphasized the importance of supporting Bitcoin Core Development in a long-term sustainable way, stating that Bitwise’s decade-long pledge is a win-win-win situation, with Bitwise profits leading to developer funding, which in turn leads to improvements in the open-source software underpinning the industry.
The recipient organizations, Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund, were carefully chosen based on their established track record and commitment to funding Bitcoin open-source development. These organizations will be subject to annual review to ensure continued alignment with Bitwise’s mission.
Matt Odell, co-founder of OpenSats, praised Bitwise for setting a precedent in supporting open-source contributors vital to the Bitcoin ecosystem. He stated that it is great to see large institutions supporting the open-source contributors who make this ecosystem possible, and Bitwise is leading by example for all Bitcoin ETF issuers going forward.
Bitwise’s commitment to donating 10% of spot Bitcoin ETF profits doubles what another issuer, VanEck, pledged to donate just last week. VanEck also plans to donate their profits to Brink. Alex Gladstein, the chief strategy officer of the Human Rights Foundation, expressed his delight at Bitwise’s commitment to supporting the Bitcoin Development Fund, emphasizing that Bitcoin is a critical piece of freedom technology serving financially oppressed people around the world.
This initiative by Bitwise marks a new era of sustained support for Bitcoin’s foundational development. For more details on BITB and the donation program, interested parties can visit Bitwise’s website, heralding a new era of sustained support for Bitcoin’s foundational development.
Overall, Bitwise’s commitment to allocating a portion of its profits to support Bitcoin open-source development demonstrates the growing recognition of the importance of these developers and their contributions to the cryptocurrency ecosystem. By providing sustained funding, Bitwise aims to ensure the continued improvement and growth of the Bitcoin network, benefiting users and the industry as a whole.