As
excitement
regarding
the
launch
of
the
much-anticipated

Ethereum
Spot
Exchange-Traded
Funds
(ETFs)

brews,
asset
management
company,
Bitwise,
in
a
groundbreaking
move
for
the
crypto
industry
is
set
to
donate
a
portion
of
its
profits
from
its
ETH
spot
ETF
to
Ethereum
open-source
developers.
This
move
by
Bitwise
demonstrates
the
broader
understanding
of
the
value
of
supporting
open-source
initiatives
that
encourage
and
develop
blockchain
technology.

Bitwise’s
Ethereum
Spot
ETF
Profits
Goes
To
Open
Source
Developers

The
asset
management
firm
Bitwise

disclosed

its
plans
to
support
open-source
developers
with
part
of
the
profits,
particularly
10%
from
its
Ethereum
spot
ETF
under
the
ticker
(ETHW)
on
Monday
evening.

 

It
is
worth
noting
that
Bitwise’s
ETHW
fund
is
the
newest
addition
to
a
broad
range
of
20
crypto
products
and
the
company’s
eight
publicly
traded
cryptocurrency
funds.
ETHW
features
an
inexpensive
0.20%
management
charge.
However,
on
the
first
$500
million
in
assets,
the
fee
is
set
at
0%
for
the
first
six
months. 

The
fund
will
be
traded
on
the
New
York
Stock
Exchange
while
making
use
of
experienced
service
providers,
such
as
KPMG
as
auditors,
Bank
of
New
York
Mellon
as
administrators,
and
Coinbase
Custody
Trust
Company
as
digital
asset
custodians.

Related
Reading:

Ethereum
Spot
ETFs
Sparks
Institutional
Optimism,
Surpassing
Retail
Sentiment

Following
the
launch
of
the
fund,
Bitwise
has
declared
that
two
major
firms
would
receive
a
donation
of
10%
of
all
ETHW
earnings,
along
with
the
product’s
introduction.

The
first
organization
listed
by
Bitwise
is
Protocol
Guild,
a
community-based
funding
platform
that
assists
over
170
key
contributors
to
the
research
and
development
of
the
Ethereum
Layer
1
protocol.
Secondly,
the
PBS
Foundation,
a
nonprofit
that
provides
funding
for
open-source
Ethereum
block
relays
and
surrounding
research.

Hong
Kim,
the
Chief
Technology
Officer
(CTO)
of

Bitwise

stated
that
a
group
of
enthusiastic
open-source
developers
currently
manages
Ethereum
as
an
open-source
technology.
Therefore
the
goal
of
every
ETHW
investment
is
for
ETH
to
keep
expanding,
and
this
donation
program
will
assist
in
achieving
this
target.

 

Furthermore,
the
firm
has
highlighted
its
intention
to
promote
transparency
by
making
the
ETH
addresses
of
all
ETHW
holdings
available,
as
it
will
enable
any
investor
to
confirm
the
fund’s
holdings
and
transactions
directly
on
the
blockchain.

ETH
Spot
ETFs
Launch
To
Drive
Ether’s
Value
To
New
All-Time
High

Given
the
impact
of
the

Bitcoin
Spot
Exchange-Traded
Funds

inception
on
Bitcoin’s
price,
Bitwise
is
confident
that
the
same
will
happen
with
the
value
of
Ethereum
following
the
introduction
of
the
ETH
spot
ETFs.

According
to
the
firm’s
Chief
Information
Officer,
Matt
Hougan,
after
Bitcoin
was
made
available
through
an
ETF
version,
over
$17
billion
in
new
capital
entered
into
the
crypto
space
in
just
a
few
months,
driving
BTC
to
a
new
peak.
Thus,
with

ETH

attracting
such
significant
inflow
and
potentially
more
after
its
spot
ETF
launch,
Hougan
expects
the
crypto
asset
to
reach
new
all-time
highs
before
2024
closes.

 

Featured
image
from
Medium,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie

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