Bitwise Invests $150K in Bitcoin Open Source
Asset management firm Bitwise has donated $150,000 to bolster open-source development within the Bitcoin network. This contribution follows Bitwise's January 2024 launch of its Bitwise Bitcoin ETF ($BITB), fulfilling a pledge to allocate 10% of annual gross profits to charity.
Bitwise's Commitment to Bitcoin Development
Bitwise announced the donation on X (formerly Twitter), stating its aim to incentivize developers crucial to maintaining the Bitcoin network's security and functionality. The funds will be distributed to three established non-profit organizations: Bitcoin Brink, Open Sats, and the Human Rights Foundation (HRF).
"Thank you to the investors who’ve chosen Bitwise and BITB," Bitwise shared on X. "This donation is made possible because of your choice. We hope you’re as proud as we are to support Bitcoin open-source developers."
Rationale Behind the Donation
Bitwise believes this investment will attract and retain talent, fostering innovation and enhancing the Bitcoin blockchain's security. These open-source developers are vital to the health of Bitcoin and the broader cryptocurrency sector. The $150,000 donation showcases Bitwise's forward-thinking approach and commitment to the Bitcoin community, potentially attracting positive attention.
Beyond Bitcoin, Bitwise also supports the Ethereum ecosystem through staking pools, highlighting its broader commitment to the crypto space and its related ETFs.
Timing of the Donation
Bitwise's donation coincides with a period of increasing regulatory acceptance of cryptocurrencies in the US. Multiple firms are submitting applications for crypto ETFs, encouraged by the current regulatory climate. Bitwise itself recently filed for a spot XRP ETF, a filing that has been acknowledged by the SEC, signaling potential approval.
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