Following the approval of the investment product, Bitwise has announced they are donating 10% of all Spot Bitcoin ETF profits to open-source Bitcoin development. Indeed, Bitwise Bitcoin ETF was one of 11 Spot Bitcoin ETFs approved by the US Securities and Exchange Commission (SEC) today.
Coinciding with industry-wide expectations, the approvals were granted late Wednesday. Moreover, trading is expected to begin as early as Thursday morning. Bloomberg has already predicted the first trading day for the investment product could generate $4 billion in inflows.
Bitwise to Donate 10% of Bitcoin ETF Profits to Open-Source Bitcoin Development
Through the last few months, the entire finance sector was abuzz about the potential approval of a host of Spot Bitcoin ETF applications. An investment product never greenlit in the United States, it seemed to be inevitable. Now, on the deadline for a decision, the SEC approved 11 Spot Bitcoin ETFs.
One of those issuers is set to give back to the digital asset sector in a big way. Indeed, Bitwise announced that it is donating 10% of its Spot Bitcoin ETF Profits to open-source Bitcoin development. Specifically, the firm listed Bitcoin Brink, OpenStats, and the Human Rights Foundation as recipients of the donations.
Bitwise was one of the earliest firms to release advertisements centered around Bitcoin, and the impending Spot Bitcoin ETF. Moreover, the issuer announced that it will implement a fee waiver for the first six months or the first $1 billion in assets. Thereafter, they will introduce a comparatively low 0.20% fee.
The decision to donate profits is certainly a positive one for the digital asset industry as a whole. After hoping for so long for the approval decision, the investment products should generate massive inflows over the next months. Subsequently, bringing a plethora of new investors into the world of digital assets.