Bitwise Asset Management will launch its Ethereum ETF (ticker: ETHW) on July 23 on the New York Stock Exchange. They will donate 10% of the profits to Ethereum development organizations.
This donation marks a first for an ETF by supporting the Ethereum ecosystem. The key recipients are the Protocol Guild and PBS Foundation, both crucial to Ethereum’s growth.
ETHW will have a management fee of 0.20%, waived for the first six months on the initial $500 million in assets. Contributions to development will continue for ten years, with annual reviews of recipient organizations.
Bitwise’s Chief Technology Officer, Hong Kim, emphasized the importance of supporting open-source development. ETHW aims to boost Ethereum, much like the Bitwise Bitcoin ETF, which hit $2.7 billion in assets.
The strategic importance of this initiative lies in fostering long-term growth and innovation within the Ethereum network.
