Ninepoint to offset the carbon footprint of its Bitcoin ETF

Ninepoint to offset the carbon footprint of its Bitcoin ETF

The Toronto-based investment manager is spending a portion of its management fee on carbon offsets to make its Bitcoin ETF carbon neutral

The University of Cambridge estimates that Bitcoin currently consumes 149 TWh of electricity per year, which is more than Malaysia or Sweden. Or to put it another way, the amount of electricity consumed by the Bitcoin network in one year could power all the kettles in the UK to make tea for the next 33 years.

This has led many in the crypto sector to start working towards environmental sustainability, and yesterday, Ninepoint became the latest company to pursue green Bitcoin.

Toronto-based alternative investment management firm Ninepoint last week converted its Bitcoin Trust to an exchange-traded fund (ETF). The new Bitcoin ETF currently trades on the Toronto Stock Exchange under the ticker BITC.U in US dollars and under BITC in Canadian dollars.

Yesterday, Ninepoint announced that it now offers investors carbon neutral Bitcoin exposure by using a portion of its management fee to offset the carbon footprint of its Bitcoin ETF.

Ninepoint’s Managing Director of Digital Assets, Alex Tapscott, commented, “Bitcoin is both a rapidly growing asset class and increasingly important financial technology. We must all do our part to ensure Bitcoin grows in a more sustainable way. Ninepoint is showing the world one way to do that. Investors increasingly want real ESG solutions for their portfolios, while not sacrificing on diversification. I believe Ninepoint Bitcoin ETF offers the best of both worlds and could be a model for our industry.”

To meet its sustainability goals, Ninepoint has partnered with environmental software fintech CarbonX, which calculates the carbon impact of products and services and balances it with carbon offsets through its Zerofootprint programme. Ninepoint will be provided with carbon emission analysis and solutions by CarbonX and the Crypto Carbon Ratings Institute.

The carbon offsets will come from projects that meet the highest global standards, specifically Amazon forest conservation projects. These projects will have direct positive impacts on the lives of people living in the region through their contributions to the United Nations’ sustainable development goals, while avoiding the release of carbon dioxide into the atmosphere.

Co-CEO and Managing Partner of Ninepoint, John Wilson, added, “Ninepoint prides itself on being an innovative thought-leader in the investment space. By offsetting the carbon footprint of our Bitcoin ETF, we’re living up to our commitment to offer investors better ways to diversify their portfolios.”

The post Ninepoint to offset the carbon footprint of its Bitcoin ETF appeared first on The Home of Altcoins: All About Crypto, Bitcoin & Altcoins | Coinlist.me.

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