Bitwise and VanEck were among the first 11 companies to be approved by the US Securities and Exchange Commission (SEC) to create the first spot Bitcoin ETFs. Bitwise Asset Management spoke about its plans to dedicate 10% of the profits from the Bitwise Bitcoin ETF to finance open source BTC projects. Bitwise promises to make such payments every year for the next ten years.
“Bitcoin is important for the future. We are pleased that $BITB will support the development of technologies for BTC,” Bitwise representatives announced.
VanEck CEO Jan van Eck said that 5% of VanEck Bitcoin Trust profits will be used to support developers. Clarifying that the company has been actively advocating for the approval of ETFs since 2017, and also conducted educational seminars:
“Thank you, Satoshi Nakamoto, for launching the most important technology for financial freedom in the Internet age.”
Recipients of funds will include organizations such as Brink, OpenSats and the Human Rights Foundation.
In June, Twitter founder Jack Dorsey announced that his Start Small fund was going to allocate $5 million to support the ecosystem of the first cryptocurrency. The funds will be transferred to the non-profit organization Brink, which supports BTC developers.
Source: Bits
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