Bitwise and VanEck were among the initial 11 companies approved by the US Securities and Exchange Commission (SEC) to establish the first spot Bitcoin ETFs. Bitwise Asset Management has revealed their intention to dedicate 10% of profits from the Bitwise Bitcoin ETF to finance open source BTC projects. It guarantees these payments annually for the next decade.
“Bitcoin is crucial for the future. We are delighted that $BITB will contribute to the development of BTC technologies,” announced Bitwise representatives.
VanEck CEO Jan van Eck stated that 5% of VanEck Bitcoin Trust profits will be used to support developers. He emphasized that the company has been actively advocating for ETF approval since 2017 and has conducted educational seminars as well:
“Thank you, Satoshi Nakamoto, for introducing the most significant technology for financial freedom in the Internet age.”
Beneficiaries of the funds will include organizations like Brink, OpenSats, and the Human Rights Foundation.
In June, Jack Dorsey, the founder of Twitter, announced that his Start Small fund would allocate $5 million to support the ecosystem of the first cryptocurrency. These funds will be transferred to the non-profit organization Brink, which provides assistance to BTC developers.