ETH
by BSCN
July 23, 2024
The donations will continue for the next ten years, with recipient organizations reviewed annually.
Bitwise Asset Management has made a notable announcement to donate 10% of the profits from its new Bitwise Ethereum ETF (ticker: ETHW) to support Ethereum open-source developers. This move aims to promote the continuous development and advancement of the Ethereum network, benefiting the broader blockchain ecosystem.
Bitwise's donation program will focus on key organizations within the Ethereum ecosystem, namely the Protocol Guild and PBS Foundation. These entities play critical roles in supporting Ethereum’s Layer 1 protocol and funding open-source block relays and related research.
Hong Kim, CTO at Bitwise, emphasized the importance of these contributions: "Ethereum is an open-source technology supported by a community of developers. Our investors in ETHW want Ethereum to evolve, and this donation program ensures that happens."
The donation commitment will span the next ten years, with annual contributions to Ethereum development organizations. The recipient organizations will be reviewed annually to ensure that the funds are effectively supporting the ecosystem.
In addition to the donation announcement, Bitwise has disclosed that all ETHW holdings will be visible through Ethereum addresses. This transparency aims to build trust and provide clarity for investors.
The Bitwise Ethereum ETF is set to begin trading on the New York Stock Exchange on July 23. The ETF will offer direct exposure to Ethereum (ETH), the second-largest cryptocurrency by market capitalization. This development follows the approval of spot Ethereum ETF products by the United States Securities and Exchange Commission (SEC).
A management fee of 0.20% will be charged on the initial $500 million in assets, which will be waived for the first six months.
The launch of ETHW follows the successful Bitwise Bitcoin ETF (BITB), which rapidly amassed $2.7 billion in assets under management.
The launch of ETHW represents a significant milestone in the growing acceptance of Ethereum-based financial products. With the success of the Bitwise Bitcoin ETF setting a precedent, the introduction of the Ethereum ETF provides investors with more options to diversify their portfolios. The ETF's low-cost structure and initial fee waiver make it an attractive investment vehicle.
Hougan noted that the introduction of Ethereum ETPs could attract billions in new investments, potentially driving ETH to new all-time highs in 2024.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
Latest News
3h : 4m ago
Everything We Know About OpenSea's New SEA Token
5h : 34m ago
Story Protocol & The IP Token: Deepdive
6h : 19m ago
What is BNB Chain? The Ultimate L1
9h : 34m ago
Six Charged in a Crypto Kidnapping Case in Chicago—What Happened
12h : 4m ago
Everything We Know About Pi Coin Exchange Listings
12h : 19m ago
Core Foundation and Aethir’s $100M Ecosystem Fund: Key Details
14h : 34m ago
Ethereum ETFs Could Soon Offer Staking Rewards: Details
February 12, 2025
What is Quai Network and What Makes it Special?