Spot Bitcoin ETF issuer Bitwise pledges 10% of profits to fund open source BTC development

According to a press release sent to Bitcoin Magazine, today Bitwise Asset Management announced a new initiative confirming its commitment to allocate 10% of Bitwise Bitcoin ETF (BITB) profits to supporting Bitcoin open source development.

Donations will benefit three respected non-profit organizations: Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.

“Bitcoin launched 15 years ago without any funding and has always been maintained by a dedicated community of open source developers,” said Hunter Horsley, CEO of Bitwise. “We are excited that the Bitwise Bitcoin ETF (ticker: BITB) will provide a recurring source of funding to the unsung heroes who work tirelessly every day to improve the security, scalability, and usability of the Bitcoin network.”

The donation, which will be made annually for the next 10 years, comes with no strings attached and reinforces Bitwise’s long-term commitment to fostering sustainable support for Bitcoin core development.

“It is important to support Bitcoin core development in a way that is sustainable over the long term,” said Mike Schmidt, Managing Director of Brink. “Bitwise’s 10-year commitment is a win-win-win, with Bitwise profits leading to developer funding that leads to improvements in the open source software that underpins the industry.”

According to the announcement, grantees were carefully selected based on their established track record and commitment to funding Bitcoin open source development, and underwent annual reviews to ensure ongoing alignment with Bitwise’s mission.

OpenSats co-founder Matt Odell acknowledged Bitwise’s proactive stance, praising the company for setting a precedent in supporting open source contributors essential to the Bitcoin ecosystem: . “Bitwise is leading the way and setting an example for all Bitcoin ETF issuers going forward.”

The pledge to donate 10% of spot Bitcoin ETF profits is double the amount another issuer, VanEck, pledged to donate last Friday. VanEck will also donate proceeds to Brink.

“Bitcoin is an important part of the technology of freedom that serves financially oppressed people around the world today,” said Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation. “We launched the Bitcoin Development Fund to support the developers who make all of this possible, and we’re excited that Bitwise is committed to supporting this important cause.”

For more information about BITB and its donation program, interested parties can visit the website, heralding a new era of continued support for the fundamental development of Bitcoin.