Bitwise to Donate $233,000 to Bitcoin Open-Source Developers

Bitcoin Magazine

Bitwise to Donate $233,000 to Bitcoin Open-Source Developers

Bitwise Asset Management announced its second annual donation to Bitcoin open-source developers, contributing $233,000 to support the programmers who maintain and secure the Bitcoin network. 

The gift comes as part of Bitwise’s pledge to allocate 10% of gross profits from the Bitwise Bitcoin ETF (BITB) each year to support the ecosystem.

The funds will be distributed to three non-profit organizations: Brink, OpenSats, and the Human Rights Foundation’s Bitcoin Development Fund. Each organization was selected for its track record in funding critical Bitcoin open-source projects and advancing the technology’s long-term development.

“Developers are the unsung heroes of the Bitcoin network,” said Hong Kim, Bitwise co-founder and chief technology officer. 

“When we launched BITB, we wanted to ensure that as interest in crypto grew, the developers who maintain and secure the network would be supported. No matter where we are in the market cycle, developers continue to build and maintain. We’re proud to continue our support of this important work with our second annual donation to these great organizations.”

Bitwise’s Bitcoin ETF

The donation is tied to the growth of the Bitwise Bitcoin ETF. Since its inception in January 2024, BITB has amassed over $2.5 billion in inflows, the company said.

Bitwise noted that as the ETF grows, future contributions to the open-source community will also increase.

Bitwise manages more than $15 billion in client assets through a suite of over 40 crypto investment products, the company said. These products include ETFs, private funds, hedge fund strategies, and staking. 

The firm serves more than 5,000 clients all over the world, ranging from private wealth teams and family offices to banks and broker-dealers, with offices in San Francisco, New York, and London.

Funding from firms like Bitwise allows developers to focus on protocol upgrades, security improvements, and other projects essential to the network’s stability.

“Investors who chose this journey with us made this possible,” Bitwise stated. “We are grateful for their trust and proud to stand alongside them in sustaining the open-source heart of Bitcoin.”

Bitwise emphasized that the donation is not a one-time commitment but part of a continuing effort to support the community that underpins the world’s largest cryptocurrency. 

As BITB grows, so too will the firm’s contributions to open-source development initiatives, the company said. 

This post Bitwise to Donate $233,000 to Bitcoin Open-Source Developers first appeared on Bitcoin Magazine and is written by Micah Zimmerman.