Sorry, sorry, my mind isn't quite clear. The $150,000 donation from Bitwise is backed by the fact that Bitwise achieved $1,500,000 in revenue through $BITB during the year of the #Bitcoin spot ETF, which some may feel is not enough, considering there are various costs involved. For a large institution, there is indeed still a lot of room for growth.

However, it is important to note that Bitwise holds a total of 41,152 #BTC, ranking sixth among the 12 ETF institutions in the U.S., right in the middle. The top-ranked BlackRock's $IBIT holds 14.26 times more than Bitwise, and the fee difference between the two is not significant, indicating that BlackRock's revenue is approximately $21.39 million.

Fidelity, ranked second in total holdings, should have around $7.5 million in revenue from the BTC spot ETF alone in a year, which is quite substantial in terms of management fees. The fees from the exorbitantly priced $GBTC (which has fees about four times that of IBIT) could even exceed those of BlackRock.

However, some institutions are expected to have revenue only one-sixth that of Bitwise, which is somewhat lacking. Therefore, a large number of users and funds are still concentrated in the leading ETF institutions. This is also why I often say that if it’s not BlackRock or Fidelity applying, even if an ETF is approved, the trading volume may still be quite limited.

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