Bitwise Ethereum ETF shares 10% of profits with Ethereum open-source developers, becoming the first ETF to purchase ENS domain names.

The issuer of Ethereum spot ETF, Bitwise, revealed this morning that it will donate 10% of the profits from its newly launched ETHW fund to Ethereum open-source developers, stating that their contributions should not be taken for granted. This move can be seen as a friendly gesture between TradFi and innovative financial technology.

Ethereum spot ETF's first-day trading volume reached 1.1 billion yuan, with Bitwise BITB seeing a net inflow of 200 million yuan.

Bitwise Ethereum ETF to Share 10% of Profits with Ethereum Developers

Bitwise announced the launch of a new Ethereum ETF with code: ETHW in a tweet on the 23rd, detailing its features:

• The fund will directly invest in ETH
• 0.20% management fee, waived for the first six months or until trading volume reaches $500 million
• 10% of fund profits will be donated to Ethereum open-source developers
• Transparency through the fund's public Ethereum address
• Developed by cryptocurrency experts

Bitwise is the first to update the Ethereum spot ETF document, Pantera Capital to purchase $100 million in shares

The company then stated that the funds will be channeled through Protocol Guild and PBS Foundation to show support for Ethereum open-source developers.

Bitwise emphasized its excitement for ETHW's ability to support those dedicated to the Ethereum protocol:

We cannot take for granted the operation of Ethereum and its core protocol, these unsung heroes are working every day to enhance the security, scalability, and usability of the network.

They added, "Donations will be made annually for at least the next ten years, and the recipient organizations may change based on annual reviews."

ETHW Becomes the First ETP with an ENS Domain

It is worth noting that ETHW is also the first U.S. financial trading product ETP to disclose its Ethereum address and assign an ENS domain to each address set.

Bitwise proudly brings on-chain transparency to ETHW in a native Ethereum way:

This is transparency that only cryptocurrencies can achieve, anyone can directly verify the holdings and liquidity of ETHW on the blockchain, and people can easily establish data surveillance or write smart contracts for ENS records.

They added, "As the fund grows, we will add more addresses, and anyone can find the latest information on the website at any time."

This morning, Bitwise's Ethereum spot ETF code: BITB saw a first-day net inflow of $204 million.

Vitalik: Hopes All Philanthropic Initiatives Receive Support

Regarding profit sharing, Ethereum co-founder Vitalik Buterin also expressed gratitude through a comment:

Great to see Protocol Guild and PBS Foundation getting support! Looking forward to more projects and organizations following in your footsteps to make donations to these significant philanthropic initiatives for the entire ecosystem.

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