In a major innovative move in the cryptocurrency space, asset management firm Bitwise announced that it plans to donate a portion of the proceeds from its highly anticipated Ethereum spot ETF to Ethereum’s open-source developers following its launch.
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. Through this action, Bitwise aims to encourage and promote the development of Ethereum technology while setting a new benchmark for the sustainable development of the cryptocurrency industry.
Bitwise Ethereum Spot ETF Profits Help Open Source Developers
On Monday evening, Bitwise Asset Management announced an innovative plan to donate 10% of the profits of 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 has become a rising star among the company's 20 crypto products and 8 publicly traded funds with its low management fee rate 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 supported by a series of well-known service providers, including KPMG as auditor, Bank of New York Mellon as administrator, and Coinbase Custody Trust Company as digital asset custodian. At the same time, Bitwise has selected Protocol Guild and PBS Foundation as the first organizations to receive donations from ETHW proceeds. The former is a community funding platform that funds the development of Ethereum layer 1 protocols, and the latter is a non-profit organization focused on open source Ethereum block relays and related research.
Hong Kim, Chief Technology Officer of Bitwise, emphasized that open source developers are the key force driving the development of Ethereum technology, and the ETHW investment is intended 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 holdings 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.
Expectations of Ethereum spot ETF launch push ether value to new highs
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, CIO of Bitwise, pointed out that soon after the Bitcoin ETF was listed, it attracted more than $17 billion in capital inflows in just a few months, and this capital injection directly pushed the price of Bitcoin to a new high. Based on this, Hougan predicts that with the launch of ETHW and the possible inflow of more funds, Ethereum is expected to achieve a significant increase in value by the end of 2024, and even set a new historical 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 ETF as an investment tool. 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. #ETHW #以太坊投资 #Bitwise
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 demonstrated its firm confidence in the future of Ethereum technology, but also promoted the support and respect of the entire industry for open source contributors.
Bitwise's ETHW not only provides investors with a new investment channel, 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 diversified cryptocurrency market.
