Bitwise is dedicated to innovation: 10% of Ethereum ETF proceeds are given back to open source developers

In a major innovation in the cryptocurrency space, asset management firm Bitwise has announced that with the launch of its highly anticipated Ethereum Spot ETF, they plan to donate a portion of the proceeds from their ETH Spot ETF to Ethereum’s open source developers.

This unprecedented decision not only highlights Bitwise’s support for continued innovation in blockchain technology, but also reflects the industry’s growing recognition of the importance of open source projects. With this action, Bitwise aims to encourage and promote the development of Ethereum technology while setting a new benchmark for sustainable development in the cryptocurrency industry.

Bitwise Ethereum spot ETF profits help open source developers

Late Monday, Bitwise Asset Management announced an innovative plan to donate 10% of profits from its upcoming Ethereum Spot ETF (ETHW) to Ethereum’s open-source developers. This decision reflects the company’s commitment to supporting blockchain technology innovation and the developer community. Bitwise’s ETHW fund is a rising star among the company’s 20 crypto products and eight publicly traded funds with its low management fee of 0.20% and a structure of 0% fees for the first $500 million in assets for six months.

ETHW will be listed on the New York Stock Exchange and is supported by a series of well-known service providers, including KPMG as auditors, Bank of New York Mellon as administrator, and Coinbase Custody Trust Company as digital asset custodian. At the same time, Bitwise has selected Protocol The Guild and PBS Foundation are the first organizations to receive ETHW revenue donations. The former is a community funding platform that funds the research and development of the Ethereum layer 1 protocol, and the latter is a non-profit organization focusing on open source Ethereum block relay and related research. For-profit organization.

Hong Kim, chief technology officer of Bitwise, emphasized that open source developers are a key force in promoting the development of Ethereum technology, and ETHW investment aims to promote the continued growth of Ethereum. In addition, the company is committed to improving transparency and plans to disclose all Ethereum addresses held by ETHW, allowing investors to directly verify the fund's positions and trading activities on the blockchain. This move not only enhances the market’s trust in ETHW, but also sets a new transparency standard for cryptocurrency ETFs.

The launch of Ethereum spot ETF is expected to drive the price of Ethereumto a new high

Bitwise Asset Management is optimistic about the upcoming launch of the Ethereum Spot ETF (ETHW), believing it will have a significant positive impact on the value of Ethereum (ETH). The company drew on the positive effect on the price of Bitcoin after the listing of the Bitcoin Spot ETF, and expected that the launch of ETHW would also stimulate a new round of investment in Ethereum.

Matt Hougan, chief information officer of Bitwise, pointed out that shortly after the Bitcoin ETF was listed, it attracted more than $17 billion in capital inflows in just a few months. This capital injection directly drove the price of Bitcoin to a new high. Based on this, Hougan predicts that with the launch of ETHW and the possible accompanying inflows of more funds, Ethereum is expected to achieve substantial growth in value by the end of 2024, and even hit a new all-time high.

This expectation is not only based on historical data and market trends, but also reflects Bitwise’s confidence in the potential of Ethereum spot ETFs as investment tools. With the launch of ETHW, investors will have more channels to participate in the Ethereum market, which is expected to bring new growth momentum and market recognition to Ethereum.

Conclusion:

The launch of Bitwise’s Ethereum Spot ETF (ETHW) and its proceeds donation plan not only marks an innovative milestone in the field of cryptocurrency investment, but also an important affirmation of the spirit of open source development. Through this strategic move, Bitwise not only demonstrates its firm confidence in the future of Ethereum technology, but also promotes the entire industry's support and respect for open source contributors.

Bitwise’s ETHW not only provides investors with new investment channels, but also injects new impetus into the development of the Ethereum ecosystem. As the market continues to mature and cryptocurrency technology continues to advance, we can expect a more prosperous and diverse cryptocurrency market.

The above is the detailed content of Bitwise is dedicated to innovation: 10% of Ethereum ETF proceeds are given back to open source developers. For more information, please follow other related articles on the PHP Chinese website!