Bitwise to Donate 10% of Ethereum ETF Profits to Support Network Development
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Bitwise, a major asset management firm, is set to allocate a portion of its profits from its Ethereum (ETH) exchange-traded fund (ETF) to support the Ethereum network's development.
Starting Tuesday, the Bitwise Ethereum ETF (ETHW) will be listed on the New York Stock Exchange. Bitwise has pledged to donate 10% of the ETF’s profits to bolster the Ethereum ecosystem.
The donations will go to two key organizations: Protocol Guild, which funds over 170 contributors to Ethereum’s core protocol development, and PBS Foundation, a non-profit supporting open-source Ethereum block relays and related research.
Hong Kim, Bitwise’s Chief Technology Officer, highlights that this financial support aims to foster Ethereum’s innovation and growth.
READ MORE: Anthony Pompliano Moves Investment from Ethereum to Solana
Bitwise CIO Matt Hougan points out the distinct roles of Ethereum and Bitcoin (BTC) in investment.
He notes that while Bitcoin serves as a monetary asset, Ethereum functions more like a high-growth technology stock, driving significant blockchain innovations through decentralized finance (DeFi), non-fungible tokens (NFTs), and stablecoins.
The ETHW ETF is designed to give investors broader access to Ethereum’s potential.