Bitwise Asset Management will donate 10% of profits from its spot Ethereum ETF to support Ethereum open-source development. The Chicago-based firm announced on Monday that these donations will go to Protocol Guild and the PBS Foundation annually for at least the next 10 years.
This initiative aims to fund the “unsung heroes” improving Ethereum’s security, scalability, and usability. Earlier, Bitwise also pledged 10% of its spot Bitcoin ETF profits to various organizations. The SEC approved applications for spot Ethereum ETFs in May, marking a significant milestone for the crypto industry.
Bitwise’s commitment sets it apart, providing consistent financial support for vital Ethereum projects. This long-term funding could significantly enhance the Ethereum network’s development and stability.
