Bitwise Asset Management today unveiled a new initiative, confirming its pledge to allocate 10% of the profits of the Bitwise Bitcoin ETF (BITB) to support open source Bitcoin development, according to a press release sent to Bitcoin Magazine.
The donations will benefit three prestigious non-profit organizations – Brink, OpenSATs, and the Human Rights Foundation's Bitcoin Development Fund.
“Bitcoin was launched 15 years ago without fundraising, and has always been maintained by a dedicated community of open source developers,” said Hunter Horsley, CEO of Bitwise. “We are excited for the Bitwise Bitcoin ETF (ticker: BITB) to provide a source of recurring funding for these unsung heroes who work tirelessly to improve the security, scalability, and ease of use of the Bitcoin network every day.”
The donations, which will be made annually over the next decade, come without any strings attached, reinforcing Bitwise's long-term dedication to fostering sustainable support for Bitcoin Core development.
“It is important to support the fundamental development of Bitcoin in a long-term, sustainable way,” said Mike Schmidt, CEO of Brink. “Bitwise's decade-long pledge is a win-win, as Bitwise's profits fund developers which lead to improvements in the open source software that powers the industry.”
The recipient organizations were carefully selected based on their established track record and commitment to funding open source Bitcoin development, subject to annual review for continued alignment with Bitwise's mission, according to the statement.
Acknowledging Bitwise's proactive stance, Matt O'Dell, co-founder of OpenSats, praised the company for setting a precedent in supporting open source contributors vital to the Bitcoin ecosystem: “It's great to see large organizations supporting the open source contributors who make this ecosystem possible.” “Bitwise is a role model for all future Bitcoin ETF issuers.”
This commitment to donate 10% of the Bitcoin ETF's profits doubles what another issuer, VanEck, pledged to donate last Friday. VanEck will also donate its profits to Brink.
“Bitcoin is an important part of freedom technology that serves financially oppressed people around the world today,” said Alex Gladstein, chief strategy officer at the Human Rights Foundation. “We created the Bitcoin Development Fund to support the developers who make all of this possible, and we are thrilled that Bitwise is committed to supporting this important cause.”
For more details about BITB and the donation program, interested parties can visit its website here, heralding a new era of continued support for Bitcoin's fundamental development.
