Today,Bitwise asset management has unveiled a new initiative, confirming its commitment to allocate 10% of profits from the Bitwise Bitcoin ETF (BITB) to support open source development of Bitcoin, according to a press release sent to Bitcoin Magazine.
“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 that the Bitwise Bitcoin ETF (ticker: BITB) will provide a recurring funding source for these unsung heroes who work tirelessly to improve the security, scalability, and usability of the Bitcoin network every day.”
The donations, which will be made annually for the next decade, are made with no strings attached, reinforcing Bitwise’s long-term commitment to fostering sustainable support for the development of Bitcoin Core.
“It is important to support the development of Bitcoin Core in a sustainable way for the long term,” said Mike Schmidt, executive director of Brink. “Bitwise’s decade-long commitment is a win-win, with Bitwise profits driving developer funding leading to improvements in the open source software that underpins the industry.”
The recipient organizations were carefully chosen based on their track record and commitment to funding the open source development of Bitcoin, subject to annual review for continued alignment with Bitwise’s mission, according to the release.
Recognizing Bitwise’s proactive stance, Matt Odell, co-founder of OpenSats, praised the company for setting a precedent in supporting open source contributors essential to the Bitcoin ecosystem: “It’s great to see large institutions supporting open source contributors who make this ecosystem possible. Bitwise sets an example for all Bitcoin ETF issuers going forward.
This commitment to giving away 10% of the Bitcoin ETF’s cash profits doubles what another issuer, VanEck, committed to giving last Friday. VanEck will also donate its profits to Brink.
“Bitcoin today is a critical piece of freedom technology serving financially oppressed people around the world,” said Alex Gladstein, chief strategy officer of the Human Rights Foundation. “We launched 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 their websitehereheralding a new era of lasting support for the fundamental development of Bitcoin.