Alternative Investments/ESG: Canada’s Purpose Investments To Launch Carbon Neutral Crypto ETFs

Purpose will launch bitcoin and ethereum ETFs, each featuring a carbon offset, on the TSE on November 9.

Purpose Investments, a Canadian fund manager with AUM in excess of $1 billion as of March 2021, is launching today the Purpose Bitcoin ETF and the Purpose Ether ETF. Both funds offer ‘green’ exposure to the respective spot cryptocurrencies through an inbuilt carbon offsetting feature in the funds. (Coin Telegraph)

Innovative carbon offsetting

Investors mindful of the carbon emissions associated with crypto mining now have an opportunity to invest int the fast-growing asset class with an easy conscience.

The new bitcoin and ether ETFs from Purpose will be vetted for their carbon footprint by Patch, a firm that will help to measure the carbon footprint of the crypto portfolios and offer carbon-removal solutions.

Based on recommendations from Patch, Purpose will invest in certain carbon offsetting projects that will enable the ETF to achieve carbon neutrality.

As shown in the table above, offset projects include direct air capture, biomass, mineralization or carbon dioxide removal, forestry, ocean fertilization, and soil management.

However, the cost of carbon credits will be an additional expense and incorporated into the funds MER.

Both funds have a management fee of 1%.

Related Story: New Ethereum ETFs Launch In Canada

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