Spot Bitcoin ETFs (exchange-traded funds) are one of the biggest narratives and have been a game-changer in the cryptocurrency space in the past two years. With these investment products, people get to participate in the cryptocurrency market without having to directly own the digital assets.
Interestingly, one of the biggest winners—that often gets overlooked—has been the issuers, especially as the crypto industry has seen increased institutional adoption since the Bitcoin ETFs launched. According to the firm’s executive, the BTC exchange-traded funds becoming the major source of revenue for BlackRock, the world’s largest asset manager, was not envisioned.
BlackRock’s Bitcoin Funds Outweighing Expectations
At the Blockchain Conference 2025 in São Paulo on Friday, November 28, BlackRock’s business development director in Brazil, Cristiano Castro, told reporters that the Bitcoin ETFs are the largest revenue source for their company. According to the executive, this development came as a “big surprise” to the asset management firm.
Castro said in a statement:
We were very optimistic when we launched, but we didn’t believe it would reach such proportions. Just to give you an idea, it [IBIT in the US and IBIT39 in Brazil – the asset’s reference names] came very close to US$100 billion [in allocation].
This feat is notable for the Bitcoin ETFs, especially considering that BlackRock offers more than 1,400 exchange-traded products globally and has a whopping $13.4 trillion in assets under management. The US-based Bitcoin fund (with the IBIT ticker) has over $70.7 billion in net assets, becoming the first ETF to reach the $70-billion mark (doing so in June 2025).
While the US Bitcoin ETF market has somewhat slowed down, BlackRock’s IBIT still continues to outpace other ETFs launched in recent years. As earlier reports suggested, IBIT had managed to generate roughly $245 million in annual fees as of October 2025.
Bitcoin ETF Outflows ‘Perfectly Normal’ – Castro
When asked about the recent outflows from BlackRock’s Bitcoin ETF as the market leader’s value fell, the director stated that there are zero surprises in that trend. “ETFs are very liquid and powerful instruments, and they serve precisely to allow people to allocate their capital and manage their cash flow,” Castro noted.
The BlackRock director said that the withdrawals are expected, considering that the product is heavily owned by retail investors, who are reactionary in nature to price corrections. On Friday, the iShares Bitcoin Trust saw a net outflow of $113.72 million, bringing the weekly record to a negative $137.01 million and the fund to its fifth-consecutive week of withdrawals.
Featured image from Getty Images, chart from TradingView
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Asset management firm Bitwise has unveiled a new donation to support open-source innovation of the Bitcoin network. According to the firm’s update, this latest donation aligns with its promise to give back after its Bitwise Bitcoin ETF ($BITB) launch in January 2024.
Bitwise Aim to Boost Bitcoin Development
At the time, Bitwise hinted at its plan to give 10% of its gross profits each year to charity. In a recent development, the asset manager announced the donation, saying it is finally fulfilling its promise to the public.
Bitwise revealed on X that it will donate $150,000 to support Bitcoin’s open-source developers. The fund is designed to encourage developers who work tirelessly to secure and maintain the Bitcoin network.
This is the first annual donation since the promise was made. Bitwise intends to allocate the funds to three non-profit organizations: Bitcoin Brink, Open Sats, and the Human Rights Foundation (HRF). It believes these entities already have established track records within the broader Bitcoin ecosystem.
“Thank you to the investors who’ve chosen Bitwise and BITB among many options. This donation is made possible because of your choice. We hope you’re as proud as we are to support Bitcoin open-source developers,” Bitwise wrote on X.
The Donation Rationale
Significantly, this donation may trigger increased participation from developers as it promotes innovation and ensures the security of blockchain technology. Markedly, these open-source developers are crucial to the health status of the Bitcoin blockchain and, by extension, the broader crypto sector.
The asset manager believes a donation of $150,000 could attract more talent into the ecosystem. Moreover, this funding positions Bitwise as a firm with futuristic goals and community links.
This donation could also attract goodwill to the Bitcoin ETF issuer. Just like it does for Bitcoin, Bitwise also has staking pools, which is its way of supporting the Ethereum ecosystem, which also has ETF ties.
The Bitwise Donation Timing
Bitwise’s move coincides with the season in which the crypto sector is receiving more favorable policies. Several firms are submitting applications to list multiple crypto ETFs.
They are encouraged by the improved trajectory of the crypto sector under President Donald Trump. Even Bitwise filed to list spot XRP ETF weeks ago. The US SEC has acknowledged this XRP ETF filing, officially kickstarting the countdown for the approval
The Commission had earlier acknowledged a similar filing from 21Shares a week ago. Through the crypto task force, many are positive the filing will gain approval amid broad rules review.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Uniswap, the top decentralized exchange (DEX) in the Decentralized Finance (DeFi) space, has come under fire from developers after imposing a Business Source License (BSL) on its v4 code.
According to a report by DL News, this move has restricted other developers from using the code for four years, leading to accusations that Uniswap is betraying its open-source ethos.
Uniswap’s Open Source Credibility In Question
DeFi developers have complained that many of the new features outlined in Uniswap’s v4 whitepaper are similar to those already released by rival protocols. As such, the decision to use a BSL has cast doubt on the exchange’s commitment to open-source development and prompted some in the DeFi community to question whether Uniswap has plagiarized other protocols’ ideas.
Uniswap’s decision to impose a BSL license on its v4 code could have several potential consequences for its user base. Firstly, the move could alienate some developers who believe in the importance of open-source development and collaboration. This could lead to a loss of trust in Uniswap and a shift towards other decentralized exchanges that have a more open approach to code sharing.
Additionally, the BSL license could limit the number of developers who can work on Uniswap’s code, which could slow down innovation and the development of new features. This could put Uniswap at a disadvantage compared to other decentralized exchanges that are more open to collaboration and innovation.
Furthermore, the BSL license could limit the number of forks of Uniswap’s code, which could reduce the competition in the DeFi space. While this could be seen as a positive for Uniswap, it could also lead to a lack of innovation and a stagnation of the DeFi ecosystem as a whole.
Finally, the controversy around the BSL license could damage Uniswap’s reputation and lead to a loss of users who are concerned about the exchange’s commitment to open-source development
Uniswap Denies Plagiarism Accusations
Nevertheless, Uniswap’s defenders argue that the exchange has not copied others’ work and that using a BSL is a sound way to protect the exchange’s hard work.
They also point out that Uniswap is free to choose the license it sees fit. Even though many DeFi developers believe that making code fully open source is beneficial to the industry as it allows for collaboration and often improves the security of the code.
Uniswap is currently the top decentralized exchange, but it has faced challenges in the past. In 2020, Uniswap suffered a “vampire attack” from the then newly-launched exchange Sushiswap. By protecting its code with a BSL license, Uniswap is likely trying to avoid a similar situation in the future.
Despite the controversy, some DeFi developers believe that using a BSL makes sense and is a decision that keeps many “dumb forks” from existing.
The allegations of plagiarism have further complicated the issue. Several members of the DeFi community have accused Uniswap of copying ideas from rival protocols and then trapping them behind the BSL license.
While it is difficult to say if any copying took place, the accusations have raised concerns about the exchange’s practices and the future of open-source development in the DeFi space.
Featured image from Unsplash, chart from TradingView.com
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