{"id":9701,"date":"2024-01-11T12:57:30","date_gmt":"2024-01-11T10:57:30","guid":{"rendered":"https:\/\/forklog.com\/en\/bitwise-and-vaneck-to-allocate-etf-profits-to-bitcoin-development\/"},"modified":"2024-01-11T12:57:30","modified_gmt":"2024-01-11T10:57:30","slug":"bitwise-and-vaneck-to-allocate-etf-profits-to-bitcoin-development","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitwise-and-vaneck-to-allocate-etf-profits-to-bitcoin-development\/","title":{"rendered":"Bitwise and VanEck to Allocate ETF Profits to Bitcoin Development"},"content":{"rendered":"<p>Bitwise Asset Management has pledged to allocate 10% of the profits from its Bitwise Bitcoin ETF to the development of open-source Bitcoin projects.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bitwise will donate 10% of the profits of the Bitwise Bitcoin ETF (ticker: BITB) to bitcoin open-source development.<\/p>\n<p>Recipient orgs:<br \/>\u2014 <a href=\"https:\/\/twitter.com\/bitcoinbrink?ref_src=twsrc%5Etfw\">@BitcoinBrink<\/a><br \/>\u2014 <a href=\"https:\/\/twitter.com\/OpenSats?ref_src=twsrc%5Etfw\">@OpenSats<\/a><br \/>\u2014 <a href=\"https:\/\/twitter.com\/HRF?ref_src=twsrc%5Etfw\">@HRF<\/a><\/p>\n<p>Bitcoin is important to the future. We&#8217;re excited for <a href=\"https:\/\/twitter.com\/search?q=%24BITB&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BITB<\/a> to support its foundation ? <a href=\"https:\/\/t.co\/JMzd4bMOB9\">pic.twitter.com\/JMzd4bMOB9<\/a><\/p>\n<p>\u2014 Bitwise (@BitwiseInvest) <a href=\"https:\/\/twitter.com\/BitwiseInvest\/status\/1745205436708421691?ref_src=twsrc%5Etfw\">January 10, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The firm has identified non-profit organizations Brink, OpenSats, and the Human Rights Foundation as recipients, who will receive and distribute the donations.<\/p>\n<p>Bitwise plans to make these contributions annually for at least the next ten years.<\/p>\n<p>The company noted that the first cryptocurrency <a href=\"https:\/\/forklog.com\/en\/news\/bitcoins-genesis-block-a-15-year-retrospective\">emerged 15 years ago<\/a> without venture capital involvement and has since been supported by a dedicated community of &#8220;unsung developer heroes.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe initiative will create a strong link between Bitcoin investors and the power of the open-source infrastructure,\u201d<\/em> the thread stated.<\/p>\n<\/blockquote>\n<p>The company emphasized that this move expresses gratitude to the entire community striving to improve the world through the first cryptocurrency.<\/p>\n<p>Jan van Eck, head of VanEck, noted that his company has advocated for ETF approval and conducted educational seminars and research since 2017.<\/p>\n<p>The top executive stated that 5% of the profits from the VanEck Bitcoin Trust will support developers through Brink.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">2\/ Neither have we badmouthed the concept of decentralized, opensource software. Bitcoin and blockchain technology are public goods. That\u2019s why we\u2019re donating 5% of our profits to Bitcoin core developers. <a href=\"https:\/\/twitter.com\/bitcoinbrink?ref_src=twsrc%5Etfw\">@bitcoinbrink<\/a><\/p>\n<p>\u2014 Jan van Eck (@JanvanEck3) <a href=\"https:\/\/twitter.com\/JanvanEck3\/status\/1745225666667204703?ref_src=twsrc%5Etfw\">January 10, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bitwise first applied for a spot Bitcoin ETF five years ago, while VanEck did so three years ago.<\/p>\n<p>On the evening of January 10, the U.S. Securities and Exchange Commission approved 11 applications for spot exchange-traded funds based on digital gold.<\/p>\n<p>The approved issuers include Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton. Trading is expected to commence on January 11.\u00a0<\/p>\n<p>A day before the official announcement, the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>&#8216;s account was <a href=\"https:\/\/forklog.com\/en\/news\/secs-x-account-hacked-to-announce-fake-bitcoin-etf-approval\">compromised<\/a>. Hackers posted a fake news story about the ETF approval, causing significant market volatility.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitwise Asset Management has pledged to allocate 10% of the profits from its Bitwise Bitcoin ETF to the development of open-source Bitcoin projects. Bitwise will donate 10% of the profits of the Bitwise Bitcoin ETF (ticker: BITB) to bitcoin open-source development. Recipient orgs:\u2014 @BitcoinBrink\u2014 @OpenSats\u2014 @HRF Bitcoin is important to the future. We&#8217;re excited for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,949,1192,783],"class_list":["post-9701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-bitwise","tag-developers","tag-vaneck"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=9701"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/9701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/9700"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=9701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=9701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=9701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}