Bitwise reveals 10-year plan to donate 10% of BITB profit to three organizations

Bitwise, the investment firm, has announced that it will donate a percentage of profits generated from the Bitwise Bitcoin ETF (BITB) to support Bitcoin open-source development. Specifically, 10% of the profits will be allocated to three non-profit organizations: Brink, OpenSats, and the Human Rights Foundation.

This annual program, initiated by Bitwise, is planned to continue for at least 10 years. While the criteria for selecting these organizations were not disclosed, Bitwise emphasized that the donations come with no strings attached.

Prior to Bitwise’s announcement, asset management group VanEck revealed that they had already made an initial $10k donation to Brink and committed to donating 5% of its Bitcoin ETF profits to the organization for a minimum of 10 years. However, this commitment is contingent upon the approval of their ETF by the relevant authorities.

Bitwise has also announced it is scheduled to begin trading. “Today, we are thrilled to announce that the Bitwise Bitcoin ETF $BITB intends to begin trading on 1/11 with a 0% fee through 7/10/24 (on the fund’s first $1B in assets; 0.20% after),” Bitwise declared.

Recently, the United States Securities and Exchange Commission (SEC) approved a spot Bitcoin ETF after numerous declines and delays. Interestingly, the SEC had previously debunked a Cointelegraph story on its approval and even deleted a tweet about it just before making the official announcement.

Looking ahead, notable Bloomberg ETF analyst Eric Balchunas and digital asset lawyer Joe Carlasare both predict that an Ethereum spot ETF will be approved this year. While Eric believes there is a 70% chance of approval in May, Joe suggests it could take longer than expected, possibly until Q3 2024.

The SEC is expected to make decisions on VanEck’s application by May 23, ARK 21Shares by May 24, Hashdex by May 30, Grayscale by June 18, and Invesco by July 5.

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