Bitwise’s Generous Donation to Bitcoin Open-Source Developers
Bitwise recently made a significant contribution of $150,000 to support Bitcoin (BTC) open-source developers, as announced on Feb. 18. This donation is equivalent to 10% of the gross profits from its spot Bitcoin exchange-traded fund (ETF), BITB, a commitment that has been in place since the product’s inception.
Beneficiaries of the Contribution
- The first batch of funds will be distributed among three nonprofit organizations: Brink, OpenSats, and the Human Rights Foundation (HRF).
Statement from Bitwise
“As BITB grows, so too will our contribution. Bitcoin is changing the world, and Bitwise will always strive to do our part to be a good steward of this incredible ecosystem alongside you.”
Bitwise also expressed gratitude towards its investors for their role in enabling this initiative and thanked those who chose BITB over other ETF options.
CEO Hunter Horsley conveyed his appreciation to investors for selecting BITB and emphasized his pride in Bitwise’s contribution.
Comparing Fees and Inflows
- BITB’s fees of 0.2% are among the lowest for US-traded Bitcoin ETFs.
- Since its launch, BITB has seen positive net flows of nearly $2.3 billion, positioning it as the fourth-largest US-traded Bitcoin ETF in terms of inflows.
Arkham Intelligence data revealed that Bitwise currently holds 41,152 BTC, valued at approximately $3.9 billion.
Fostering Bitcoin Development
All three organizations that received the donation have a proven track record of supporting Bitcoin development and are instrumental in enhancing the network’s security, functionality, and decentralization.
About the Beneficiary Organizations
- Brink: Supports 20 grantees globally and collaborates with industry leaders like Xapo, Coinbase, and Marathon Digital. It also offers a fellowship program for developers interested in the Bitcoin ecosystem.
- OpenSats: Recently completed its ninth round of grants to Bitcoin-based projects and aims to enhance Bitcoin and related open-source software.
- Human Rights Foundation (HRF): Established in 2005 to advocate for human rights worldwide, HRF’s Bitcoin Development Fund has distributed over $5.5 million through 174 grants in the past five years.
