Bitwise Asset Management has announced the launch of the Bitwise Ethereum ETF (ticker: ETHW) on the New York Stock Exchange on July 23. The firm will donate 10% of ETHW’s profits to Ethereum development organizations.
This initiative marks a significant milestone as the first Ethereum ETF to pledge a portion of its profits to support the Ethereum ecosystem. The donation will benefit entities like the Protocol Guild and PBS Foundation, which are crucial to the network’s growth.
ETHW offers direct exposure to Ethereum, the second-largest cryptocurrency by market cap. The management fee is set at 0.20%, waived for the first six months on the initial $500 million of assets.
Bitwise CIO Matt Hougan believes this could push Ethereum to new highs by year-end. The ETF’s profit donation program underscores a strategic commitment to the long-term development of the Ethereum network.
For further details, see the original announcement by Bitwise.
