Ethereum

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<ul>
 <li aria-level="1">Bitwise Ether ETF plans to list on the NYSE on July 23, donating 10% of profits to Ethereum developers.</li>
 <li aria-level="1">Funds support key Ethereum organizations like Protocol Guild and PBS Foundation, aiding core protocol enhancements.</li>
</ul>
Bitwise Asset Management will launch the Bitwise Ethereum ETF (ticker: ETHW) on the New York Stock Exchange on July 23. The firm announced it will donate 10% of ETHW’s profits to support Ethereum open-source development. This decision follows the U.S. Securities and Exchange Commission’s approval of spot <a href="https://www.ethnews.com/grayscale-cuts-mini-ethereum-trust-fees-to-0-15-aims-to-prevent-investor-outflows/" rel="noopener noreferrer nofollow">Ethereum ETF</a> products.
<h2 id="b-details-of-the-bitwise-ethereum-etf-b">Details of the Bitwise Ethereum ETF</h2>
The ETHW fund will offer investors direct exposure to Ethereum, which is the second-largest cryptocurrency by market capitalization. Bitwise has set the management fee for the fund at 0.20%, but it will waive this fee for the first half-year on the first $500 million of assets under management. This structure aims to attract investors looking to capitalize on Ethereum without directly purchasing and storing the cryptocurrency.
<h2 id="b-commitment-to-supporting-ethereum-development-b">Commitment to Supporting Ethereum Development</h2>
The profits designated for Ethereum development will be directed to the Protocol Guild and PBS Foundation for a period of ten years. The Protocol Guild supports over 170 core contributors who work on enhancing Ethereum’s Layer 1 protocol. Meanwhile, the PBS Foundation funds critical infrastructure developments and research related to Ethereum’s block relays.
<h2 id="b-implications-of-the-fund-s-launch-b">Implications of the Fund’s Launch</h2>
This innovative approach by Bitwise not only diversifies financial product offerings on stock exchanges but also aids in the development of the technology underpinning Ethereum. Such support is crucial for sustaining growth and innovation within the Ethereum network.
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Although the market price of Ethereum showed a decline, trading around $3,449 at the time of reporting, <a href="https://www.ethnews.com/spotlight-on-ethereum-sec-poised-to-greenlight-etfs-promising-market-shifts-ahead/" rel="noopener noreferrer nofollow">the launch of this ETF</a> could potentially influence Ethereum’s price positively. 
Observations from the market suggest that investor interest remains high, reflected by a 36% increase in trading volume, indicating active engagement despite current price levels.
This approach by <a href="https://www.ethnews.com/bitwise-executive-discusses-imminent-launch-of-ethereum-etfs-in-the-u-s/" rel="noopener noreferrer nofollow">Bitwise</a> highlights a strategic integration of financial investment with technology development support, potentially setting a precedent for how financial institutions can influence technology ecosystems while offering new investment avenues to the public.
The post <a href="https://www.ethnews.com/bitwise-ether-etf-set-to-launch-on-nyse-a-bold-step-forward-for-ethereum-development/" rel="noopener noreferrer nofollow">Bitwise Ether ETF Set to Launch on NYSE: A Bold Step Forward for Ethereum Development</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Bitwise Ether ETF Set to Launch on NYSE: A Bold Step Forward for Ethereum Development

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