Bitwise to Donate 10% of Ethereum ETF Profits to Support Network Development
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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
