Bitwise Asset Management has announced its commitment to allocate 10% of profits from its spot Ethereum ETF to support Ethereum open-source development.

In a recent press release, the crypto index fund manager revealed that it will donate a portion of the profits from its spot Ethereum exchange-traded fund (ETF) to Ethereum developers. This initiative aims to bolster open-source development within the Ethereum ecosystem.

According to the announcement, the Chicago-based firm will channel 10% of the Bitwise Ethereum ETF profits to two organizations: Protocol Guild, a funding body, and PBS Foundation, a non-profit research organization. These donations are unconditional and will be made annually for at least the next decade.

“We aim to provide additional funding for the unsung heroes who tirelessly work to enhance the Ethereum network’s security, scalability, and usability,”

said Bitwise CTO, Hong Kim.

Bitwise has also committed to donating 10% of the profits from its spot Bitcoin ETF to Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund.

This announcement follows the U.S. Securities and Exchange Commission’s (SEC) approval of spot Ethereum ETF applications from Bitwise Asset Management, BlackRock, and 21Shares, among others. This regulatory green light is expected to drive broader institutional adoption and increase investor access to Ethereum.

The SEC initially approved applications for spot Ethereum ETFs at the end of May. However, firms are still awaiting approval for their S-1 filings before trading can officially commence.

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