Bitwise Donation to Bitcoin Developers

Bitwise donated $150,000 to support Bitcoin (BTC) open-source developers, according to a Feb. 18 announcement.

The funds represent 10% of the gross profits from its spot Bitcoin exchange-traded fund (ETF), BITB, an amount pledged since the product’s inception.

The first contribution will be distributed among three nonprofit organizations: Brink, OpenSats, and the Human Rights Foundation (HRF).

Bitwise stated:

> “As BITB grows, so too will our contribution. Bitcoin is changing the world, and Bitwise will always strive to do our part to be a good steward of this incredible ecosystem alongside you.”

Additionally, the company acknowledged its investors as key enablers of this initiative and expressed gratitude to those who chose BITB among various ETF options.

Bitwise CEO Hunter Horsley expressed his gratitude to investors for choosing BITB, stating he is proud of Bitwise’s contribution.

BITB’s 0.2% fees are among the smallest for US-traded Bitcoin ETFs, on par with VanEck’s HODL, one basis point above Franklin Templeton’s EZBC, and five basis points larger than Grayscale’s Bitcoin mini trust.

Since its launch, BITB has seen positive net flows of nearly $2.3 billion, making it the fourth-largest US-traded Bitcoin ETF in inflows, based on Farside Investors data.

According to Arkham Intelligence data, Bitwise holds 41,152 BTC, valued at approximately $3.9 billion as of press time.

Fostering Bitcoin Development

All three organizations have a proven track record of supporting Bitcoin development and play crucial roles in maintaining and improving the network’s security, functionality, and decentralization.

Brink has reported support to 20 grantees globally and secured partnerships with industry leaders like Xapo, Coinbase, and Marathon Digital. It also offers a fellowship program for developers in the Bitcoin ecosystem.

OpenSats recently completed its ninth round of grants for Bitcoin-based projects through its General Fund. The charity aims to foster Bitcoin and Bitcoin-adjacent software while improving existing open-source software.

Founded in 2005, the Human Rights Foundation (HRF) promotes and protects human rights globally. Its Bitcoin Development Fund (BDF), established five years ago, has donated over $5.5 million through 174 separate grants, according to its official webpage.