Bitwise Asset Management has announced that they’re planning to donate 10% of the profits from their new spot Ethereum ETF (ETHW) to Ethereum developers.
This fund is hitting the New York Stock Exchange in just a few minutes. The management fee is low at 0.20%, but it’s set to 0% for the first six months on the first $500 million in assets.
ETHW is coming out about six months after the launch of the Bitwise Bitcoin ETF (BITB), which quickly gained $2.7 billion in assets. ETHW is Bitwise’s eighth publicly traded crypto fund, adding to their 20-strong suite of crypto products.
Related: Grayscale prepares for spot Ethereum ETFs launch with $1 billion
Bitwise CIO Matt Hougan thinks this launch will drive ETH to new all-time highs in 2024. According to him, making bitcoin available in an exchange-traded format brought in more than $17 billion of new investment in months.
He expects billions more from Ethereum. Hougan also pointed out that Bitcoin and ETH have different strengths and uses, so investors might give them different roles in a portfolio.
Bitcoin acts like a monetary asset, while ETH plays more like a high-growth tech stock, powering DeFi, NFTs, and stablecoins. “We’re excited to offer ETHW as a way for investors to gain greater access to crypto’s potential,” he said.
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