Image source: Bitwise
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:
Fund will invest directly in Ethereum
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
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."
ETHW becomes the first ETP with ENS domain name
It is worth mentioning that ETHW is also the first American financial transaction product (ETP) to publish its Ethereum address and set an ENS domain name for each address.
Source: Lian News
Bitwise emphasized that the company is very proud to bring on-chain transparency to ETHW in a way native to Ethereum:
This is a level of transparency that only cryptocurrency can achieve. Anyone can verify the holdings and flow of ETHW directly on the blockchain, and people can easily establish data monitoring or write smart contracts for ENS records.
He added, "As the fund grows, we will add more addresses, and anyone can find the latest information on the website at any time."
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
Regarding the profit sharing, Ethereum co-founder Vitalik Buterin also expressed his gratitude through a message:
Source: X
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.
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This article is reprinted with permission from: Lian News
