Bitwise pledges to donate 10% of Ethereum ETF

Bitwise Asset Management announced that it will allocate 10% of the profits from its spot Ethereum ETF to support Ethereum open-source development.

Cryptocurrency index fund manager Bitwise announced in a press release on Monday that it will donate a portion of the profits from its spot Ethereum exchange-traded fund (ETF) to Ethereum developers in an effort to support open-source development.

The Chicago-based firm said in its announcement that it will send 10% of the profits from its Bitwise Ethereum ETF to two organizations: the Protocol Guild, a funding organization, and the PBS Foundation, a nonprofit research organization. The donations are “unconditional” and will be made annually “for at least the next 10 years,” the asset manager said.

Bitwise CTO Hong Kim says the firm wants to provide additional funding for “the unsung heroes who work tirelessly every day to improve the security, scalability, and usability of the Ethereum network.” In addition to Ethereum, Bitwise has previously pledged to donate 10% of profits from its spot Bitcoin ETF to Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.

The announcement comes after the U.S. Securities and Exchange Commission (SEC) approved Ethereum ETF applications from companies including Bitwise Asset Management, BlackRock, and 21Shares, paving the way for broader institutional adoption and increased access to Ethereum for investors.

As crypto.news previously reported, the SEC initially approved applications for spot Ethereum ETFs in late May. However, the firms were waiting for their S-1 filings to be approved before trading could officially begin.