Bitwise to allocate 10% of Ethereum-ETF profits to support developers and researchers
Bitwise has announced the launch of Bitwise Ethereum ETF (ETHW) on the New York Stock Exchange (NYSE), which will begin trading on July 23. The U.S. Securities and Exchange Commission (SEC) has approved the fund’s listing, marking a significant event for the cryptocurrency market.
Bitwise has set a competitive management fee of 0.2% for the ETF, and will not charge a management fee for assets totaling $500 million for the first six months. This offer is aimed at attracting investors interested in digital assets and reducing initial investment costs.
The company has also announced that 10% of the profits from ETHW will be allocated to two important organizations. The first institution, Protocol Guild, supports developers and researchers in the Ethereum ecosystem by providing financial assistance for further development of blockchain technologies. The second, PBS Foundation, is involved in researching and improving block relays, which are critical to the network’s operation.
The launch of an Ethereum-based spot ETF marks a new phase in the cryptocurrency industry, signaling the beginning of the «second inning» after the successful debut of spot ETFs on bitcoin. The cryptocurrency market has already seen a capital influx of over $17 billion thanks to bitcoin-based investment products. It is expected that the new Ethereum-ETF will attract even more investors looking to access assets based on the second largest cryptocurrency.
This move underscores the growing popularity of cryptocurrency investment products and strengthens Bitwise’s commitment to supporting the development of blockchain technologies through strategic donations and investments.
