Ethereum

Bank

Bitcoin ETF

Bitwise Asset Management has announced that they’re planning to donate 10% of the profits from their new spot Ethereum ETF (ETHW) to Ethereum developers.
This fund is hitting the New York Stock Exchange in just a few minutes. The management fee is low at 0.20%, but it’s set to 0% for the first six months on the first $500 million in assets.&nbsp;
ETHW is coming out about six months after the launch of the Bitwise Bitcoin ETF (BITB), which quickly gained $2.7 billion in assets. ETHW is Bitwise’s eighth publicly traded crypto fund, adding to their 20-strong suite of crypto products.
Related: <a href="https://www.cryptopolitan.com/grayscale-spot-ethereum-etfs-launch-with-1b/" rel="noopener noreferrer nofollow">Grayscale prepares for spot Ethereum ETFs launch with $1 billion</a>
Bitwise CIO Matt Hougan <a href="https://www.businesswire.com/news/home/20240722523467/en/The-Bitwise-Ethereum-ETF-ETHW-Set-To-Launch-on-the-NYSE-Firm-Announces-Donation-to-Ethereum-Developers-Will-Publish-Blockchain-Addresses-To-Showcase-Transparency" rel="noopener noreferrer nofollow" target="_blank">thinks</a> this launch will drive ETH to new all-time highs in 2024. According to him, making bitcoin available in an exchange-traded format brought in more than $17 billion of new investment in months.&nbsp;
He expects billions more from Ethereum. Hougan also pointed out that Bitcoin and ETH have different strengths and uses, so investors might give them different roles in a portfolio.&nbsp;
Bitcoin acts like a monetary asset, while ETH plays more like a high-growth tech stock, powering DeFi, NFTs, and stablecoins. “We’re excited to offer ETHW as a way for investors to gain greater access to crypto’s potential,” he said.
Related: <a href="https://www.cryptopolitan.com/what-to-expect-from-spot-ethereum-etfs/" rel="noopener noreferrer nofollow">What to expect when spot Ethereum ETFs start trading tomorrow</a>
Ethereum has become the backbone for popular crypto applications today. Top global brands like Nike, Starbucks, Tiffany &amp; Co., and JPMorgan have built projects on Ethereum.&nbsp;
The blockchain is also the main platform for stablecoins and DeFi, each with markets around $150 billion. This growing awareness has pushed ETH’s market cap to over $400 billion, second only to Bitcoin.
To support the Ethereum ecosystem, Bitwise will donate 10% of all ETHW profits to Protocol Guild and PBS Foundation. Protocol Guild backs over 170 core contributors to Ethereum Layer 1 protocol R&amp;D, while PBS Foundation funds open-source Ethereum block relays and related research.&nbsp;
Related: <a href="https://www.cryptopolitan.com/spot-ethereum-etf-issues-fee-free-frenzy/" rel="noopener noreferrer nofollow">Spot Ethereum ETF issuers start a fee-free frenzy – Who will win?</a>
Bitwise CTO Hong Kim said, “Every investor in ETHW wants Ethereum to continue to advance, and this donation program contributes to that goal.”
Bitwise also promised it’ll be publishing the Ethereum addresses of all ETHW holdings. This allows any investor to verify the fund’s holdings and flows directly on the blockchain. The fund will trade on the NYSE with Coinbase as the custodian. Bank of New York Mellon is the administrator, and KPMG the auditor.
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Bitwise will donate 10% of its spot Ethereum ETF profits to developers

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