Bitwise Ether ETF Reveals 10% Profit Donation To Ethereum Developers

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As a long-term crypto investor with a deep appreciation for Ethereum and its transformative potential, I view Bitwise Asset Management’s decision to donate 10% of ETHW profits to Ethereum development organizations as an inspiring move that aligns perfectly with my investment philosophy.

Bitwise Asset Management has revealed plans to contribute a substantial 10% of the earnings from Ethereum Wisdom Tree Fund (ETHW) towards Ethereum development initiatives. This announcement comes in anticipation of ETHW’s debut on the New York Stock Exchange, following the SEC’s approval of Ethereum spot ETFs for trading in the US markets.

Bitwise Ether ETF Reveals 10% Profit Donation 

A recent report reveals that Bitwise Asset Management is set to introduce the Bitwise Ethereum ETF (ticker: Ethw) on the New York Stock Exchange starting July 23rd. Notably, the company has pledged to contribute 10% of the earnings generated from Ethw towards the advancement of Ethereum’s open-source protocol.

Ten percent of the earnings generated by Bitwise’s Ethereum ETF (ETHW) will be given as donations by Bitwise to support the advancement of Ethereum’s open-source protocol.
Recipient orgs:– @ProtocolGuild– @PBS_Foundation
We cannot take Ethereum and its core protocol properties for granted.
We’re excited for ETHW to…
— Bitwise (@BitwiseInvest) July 22, 2024

The fund is planned to provide a direct investment in Ethereum (ETH), which currently holds the second largest market value among cryptocurrencies. Initially, the management fee for ETHW is suggested at 0.20%, but it will be waived for the initial six months following the law’s enactment on the first $500 million worth of assets.

For the subsequent decade, an annual contribution is set to be distributed to Ethereum development organizations. These organizations will undergo evaluation each year to determine their continued eligibility for receiving the donations.

Support for Ethereum Open-Source Development

As a researcher studying the cryptocurrency landscape, I can share that Bitwise, in conjunction with the debut of ETHW, intends to persist in nurturing the growth and sophistication of the Ethereum network. The charitable initiative is geared towards the Protocol Guild and PBS Foundation, two pivotal entities within Ethereum’s ecosystem. The Protocol Guild supports over 170 dedicated contributors who are instrumental in improving the Ethereum Layer 1 protocol. Meanwhile, the PBS Foundation plays a crucial role by financing open-source Ethereum block relays and related research.

Hong Kim, the CTO at Bitwise, highlighted the significance of these contributions, noting that

Ethereum is an open-source platform driven by a community of developers, and every ETHW investor desires its progress. It’s during these pivotal moments that the donation program becomes essential.

Furthermore, all Bitwise Ether ETFs holdings will be disclosed by Bitwise on Ethereum addresses.

The introduction of ETHW follows the successful launch and acceptance of the Bitwise Bitcoin ETF (BITB), which amassed an impressive $2.7 billion in assets under management in a short time. Bitwise CIO Matt Hougan emphasized the potential impact of ether-based Exchange Traded Products (ETPs) on the market, predicting that ethereum could reach new all-time highs by the end of 2024.

In clear and conversational terms, he emphasized the distinct advantages and applications of Bitcoin and Ethereum. Bitcoin serves as a digital currency, while Ethereum is the foundation for developing decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and stablecoins – often referred to as “crypto’s most promising innovations.”

Ethereum (ETH) Price Trend

Currently, even though the Spot Ethereum ETF has been given the green light for trading, the Ethereum price has taken a turn for the worse. The value of Ethereum has fluctuated between a high of $3,560.08 and a low of $3,438.10 during the day. At this moment, the Ethereum price is decreasing by 2.40% compared to its resistance level, which is currently priced at $3,449.

The market capitalization of Ethereum (ETH) dropped by 2.35% to reach a total value of $414,771,638,128 during the recent dip. Simultaneously, the 24-hour trading volume experienced a significant increase of 36%, amounting to $18,576,969,558. This surge in trading activity indicates heightened investor interest as they attempt to capitalize on the price decrease in expectation of an eventual recovery. Furthermore, according to Coingape’s forecast, Ethereum’s value could potentially spike up to $5000 following regulatory approval.

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2024-07-23 02:22