Bitwise Joins VanEck In Donating ETF Profits to Bitcoin Development

Bitwise, a leading asset management company, declared its commitment to contribute 10% of profits generated from Bitwise Bitcoin ETFs towards the advancement of the Bitcoin network. As one of the 11 approved beneficiaries of the US Bitcoin ETF on Wednesday, January 10, this announcement marks a significant milestone in the financial world’s history.

Bitwise Donating to Open-Source Development

The asset management giant has made a significant commitment to support the development of Bitcoin’s open-source ecosystem. The company has announced that it will donate 10% of the profits generated by the Bitwise Bitcoin ETF (BITB) to fund Bitcoin open-source development.

Bitwise will donate 10% of the profits of the Bitwise Bitcoin ETF (ticker: BITB) to bitcoin open-source development.

Recipient orgs:
– @BitcoinBrink
– @OpenSats
– @HRF

Bitcoin is important to the future. We're excited for $BITB to support its foundation 👇 pic.twitter.com/JMzd4bMOB9

— Bitwise (@BitwiseInvest) January 10, 2024

Bitcoin, having been launched 15 years ago without a formal fundraising process, relies on a dedicated community of open-source developers. These individuals work tirelessly to enhance various aspects of Bitcoin, such as security, scalability, and usability.

Despite being unsung heroes, their contributions benefit all Bitcoin investors, says Bitwise. Recognizing the importance of sustaining this open-source work, Bitwise aims to create a strong alignment between BITB investors and the robustness of the underlying open-source infrastructure through recurring donations.

Bitwise has carefully chosen reputable non-profit organizations, including Bitcoin Brink, OpenSats, and HRF, to receive and allocate BITB’s recurring donations. These contributions, made annually, come with no strings attached and will persist for at least the next decade.

Having initially filed for a spot Bitcoin ETF five years ago, Bitwise sees the current milestone as a significant achievement. The company envisions BITB as the ETF that best serves the evolving landscape of the cryptocurrency space.

In expressing gratitude, Bitwise acknowledges the diverse contributors within the Bitcoin community, including developers, researchers, builders, educators, investors, and enthusiasts. The company recognizes its collective efforts to positively impact the world through Bitcoin, believing that the future is brighter because of its dedication.

Last week, VanEck also announced that it will donate 5% of its ETF profits for Bitcoin development.

Bitcoin Price Action

Bitcoin experienced a subtle surge, briefly reaching the $47,000 mark after the US Securities and Exchange Commission (SEC) granted approval for exchange-traded funds (ETFs) directly investing in the cryptocurrency. Traders are closely monitoring the market to gauge the level of capital inflow attracted by these newly approved financial products.

There has been speculation among market observers about a potential Bitcoin pullback following the SEC’s approval of spot ETFs. Traders may choose to capitalize on profits accumulated during the cryptocurrency’s extended bullish trend.

In the wake of this development, other major cryptocurrencies displayed mixed performance. Ether, the second-largest cryptocurrency, notably stood out, recording a 16% gain over the past 24 hours, reaching $2,583. This surge is due to expectations that Ether will become the focal point of the next wave of spot crypto ETF products in the United States. Investors are closely monitoring these dynamics to navigate the evolving landscape of cryptocurrency investments.

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.