Ethereum spot ETF issuer Bitwise revealed this morning that it will donate 10% of the profits from the newly launched ETHW fund to Ethereum open source developers, saying that their contributions cannot be taken for granted. This move can be described as a partnership between TradFi and innovative financial technology. Be friendly.

(Ethereum spot ETF’s first-day trading volume reached 1.1 billion Mg, and Bitwise (BITB) had a net inflow of 200 million Mg)

Bitwise Ethereum ETF will distribute 10% of profits to Ethereum developers

Bitwise announced the launch of a new Ethereum ETF (code: ETHW) in a tweet on the 23rd, detailing its features:

  • The fund will invest directly in ETH

  • Charge 0.20% management fee (no management fee for the first six months or until trading volume reaches $500 million)

  • 10% of fund profits will be donated to Ethereum open source developers

  • Transparency through the fund’s public Ethereum address

  • Built in collaboration with cryptocurrency experts

(Bitwise was the first to update the Ethereum spot ETF document, Pantera Capital will buy $100 million in shares)

The company went on to say that the funds will be used to express support for Ethereum open source developers through the Protocol Guild and PBS Foundation.

Bitwise further emphasized that it is happy that ETHW can support those working on the Ethereum protocol:

We cannot take the operation of Ethereum and its core protocol for granted, and these unsung heroes are working every day to improve the security, scalability, and availability of the network.

It added, "Donations will be made annually for at least the next ten years, and the organizations receiving donations may change based on annual reviews."

This morning, the Bitwise Ethereum Spot ETF (ticker: BITB) saw first-day net inflows of $204 million.

Vitalik: I hope all public welfare projects will receive support

In this regard, Ethereum co-founder Vitalik Buterin also expressed his gratitude through a message:

Great to see ProtocolGuild and the PBS Foundation gaining support! We look forward to more projects and organizations following your footsteps and donating to these public welfare programs that are of great significance to the entire ecosystem.

(Ethereum spot ETF is about to open! Wintermute and Kaiko are bearish: demand inflow is far lower than expected)

This article Bitwise Ethereum ETF distributes 10% of profits to Ethereum open source developers, Vitalik likes it first appeared on Chain News ABMedia.

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