Alternative Investments/ESG: Brazil’s Hashdex To Offset Mining Emissions In New Bitcoin ETF
Hashdex will buy carbon credits to offset the emissions inherent in the ETF’s BTC holdings.
Brazilian asset manager Hashdex said Tuesday it will launch a bitcoin ETF that will be carbon-neutral in respect of its holdings of the cryptocurrency. The fund manager will purchase carbon credits to offset the emission footprint of its bitcoin using a portion of its management fee. The ETF, titled the Hashdex Nasdaq Bitcoin Reference Price Index Fund (BITH11), will commence trading on the Brazilian B3 stock exchange effective August 4. (Yahoo Finance)
Hashdex Nasdaq Bitcoin Reference Price Index Fund
The Crypto Carbon Ratings Institute will annually make the calculations and estimate the energy consumed and carbon emitted during the mining process relating to the bitcoins acquired by the Fund.
The fund will use these calculations to reduce its carbon footprint and invest in environment-friendly stocks.
“We understand that bitcoin can contribute greatly to encouraging the use of clean energy around the world,” said Roberta Antunes, chief of growth at Hashdex. “We want to anticipate this movement and offer investors a product that stimulates the sustainable potential of this asset.”
Another carbon offsetter: Ninepoint Bitcoin ETF
In May, Ninepoint Partners LP announced the completion of the conversion of their closed-ended Bitcoin Trust into the Ninepoint Bitcoin ETF.
The fully physically-backed ETF held approximately $270 million in bitcoin assets at the time. It charges a management fee of 0.70%.
According to Bloomberg|Quint, the fund manager will use a part of its management fee to soften the impact on the environment from bitcoin’s energy consumption.
Ninepoint tied up with environmental software fintech-firm CarbonX to purchase carbon credits and support forest conservation projects.
Like Hashdex, NinePoint too is collaborating with the Crypto Carbon Ratings Institute, which will, along with CarbonX, provide carbon footprint analysis.
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