Bitwise officially launched the Bitcoin spot ETF "BITB," planning to donate 10% of profits to three organizations that fund Bitcoin open-source development

ChainCatcher News, the American cryptocurrency index fund management company Bitwise announced on its official website the launch of the Bitwise Bitcoin ETF (BITB), which is the company's first spot Bitcoin ETF.

The press release states: "The management fee for BITB is 0.20%, the lowest among current spot Bitcoin ETFs, with a management fee of 0% for the first six months on the initial $1 billion in assets. The fund utilizes experienced service providers, including Coinbase Custody Trust Company as the digital asset custodian, BNY Mellon as the administrator, and KPMG as the auditor. BITB joins Bitwise's comprehensive suite of 18 cryptocurrency investment products, which includes 5 ETFs."

Meanwhile, Bitwise announced that the company will donate 10% of BITB profits to three nonprofit organizations that fund Bitcoin open-source development: Brink, OpenSats, and the Human Rights Foundation's Bitcoin Development Fund. These organizations play a key role in enhancing the security, scalability, and usability of the Bitcoin network. These donations will occur at least once a year for the next 10 years to further support the health and development of the Bitcoin ecosystem.