On January 10, the US Securities and Exchange Commission (SEC) officially approved 11 Bitcoin Spot ETFs, creating a historical milestone in the world of finance. In this context, asset management giant Bitwise announced its commitment to donate 10% of profits earned from the Bitwise Bitcoin ETF (BITB) to support the development of the Bitcoin network.
The Importance of Supporting the Open-Source Bitcoin Ecosystem
Bitcoin, which launched 15 years ago without a formal fundraising process, relies on contributions from a community of open-source developers . These developers are working hard to improve key aspects of Bitcoin such as security, scalability, and ease of use.
Bitwise recognizes the important role of these developers and is committed to creating a strong link between BITB investors and Bitcoin's robust open-source infrastructure.
Ongoing Donations to Open-Source Projects
Bitwise has selected several leading non-profit organizations, such as Bitcoin Brink, OpenSats, and HRF, to receive and allocate recurring donations from BITB. This is an ongoing move that has no strings attached and is expected to continue over the next decade.
This decision shows Bitwise's commitment to supporting Bitcoin's open-source ecosystem.
Bitwise's vision for a Bitcoin ETF
Bitwise initially applied for a spot Bitcoin ETF five years ago. They view this approval as a significant achievement and view BITB as the ETF best suited to address changes in the cryptocurrency landscape.
Appreciate Bitcoin Community Contributions
Bitwise thanks the diverse contributors in the Bitcoin community, including developers, researchers, builders, educators, investors, and enthusiasts.
The company recognizes that a brighter future for Bitcoin is the result of their collective efforts.
Positive Impact on Bitcoin Price
The SEC's approval of 11 Bitcoin Spot ETFs has driven Bitcoin prices higher, reaching a peak of 47,000 US dollars. Despite speculation about a possible price correction, traders and investors continue to monitor the market to gauge the positive impact of these newly approved financial products.
Performance of Other Crypto Assets
Apart from that, other crypto markets also show varying performance. Etherium, the second largest crypto asset after Bitcoin, recorded a 16% increase in the last 24 hours, bringing it to the level of 2,583 US dollars.
This price increase is due to expectations that Ether will be the main focus of the next spot crypto ETF product in the United States. Investors remain cautious when navigating the rapidly evolving crypto asset investment landscape.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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