Today,Bit-by-bit asset management unveiled a new initiative, confirming its commitment to allocate 10% of Bitwise bitcoin ETF (BITB) profits to support open source bitcoin development, according to a press release sent to bitcoin Magazine.
Donations will benefit three esteemed non-profit organizations: Edge, OpenSatsand the Human Rights Foundation bitcoin Development Fund.
“bitcoin launched 15 years ago without fundraising and has always been maintained by a dedicated community of open source developers,” said Bitwise CEO Hunter Horsley. “We are excited that the Bitwise bitcoin ETF (ticker: BITB) provides a source of recurring funding for those unsung heroes who work tirelessly to improve the security, scalability and usability of the bitcoin network every day.”
The donations, which will be made annually for the next decade, will be made without strings attached, reinforcing Bitwise's long-term dedication to fostering sustainable support for bitcoin's core development.
“It is important to support the core development of bitcoin in a long-term sustainable way,” said Mike Schmidt, CEO of Brink. “Bitwise's decade-long commitment is a win-win, as Bitwise's profits lead to funding for developers and improvements to the open source software that underpins the industry.”
Recipient organizations were carefully chosen based on their established track record and commitment to funding open source bitcoin development, subject to an annual review for continued alignment with Bitwise's mission, according to the statement.
Acknowledging Bitwise's proactive stance, Matt Odell, co-founder of OpenSats, praised the company for setting a precedent in supporting open source contributors vital to the bitcoin ecosystem: “It's great to see great institutions supporting open source contributors. “Bitwise is leading by example for all bitcoin ETF issuers in the future.”
This pledge to donate 10% of bitcoin ETF spot profits doubles what another issuer, VanEck, pledged to donate last Friday. VanEck will also donate his winnings to Brink.
“bitcoin is a critical piece of freedom technology that serves financially oppressed people around the world today,” said Alex Gladstein, chief strategy officer at the Human Rights Foundation. “We created the bitcoin Development Fund to support the developers who make all of this possible, and we are delighted that Bitwise is committed to supporting this important cause.”
For more details about BITB and the donation program, interested parties can visit their websitehereheralding a new era of sustained support for bitcoin's fundamental development.
