Ninepoint climate neutral Bitcoin-ETF | BitcoinMag


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The Toronto-based investment firm spends a portion of the proceeds from its management fees on emission allowances to make its Bitcoin ETF climate-neutral

The University of Cambridge estimates that Bitcoin currently consumes 149 TWh of electricity per year – more than Malaysia and Sweden. In other words, with the power that the Bitcoin network consumes in a year, all tea makers in the UK could operate for 33 years.

That is why many companies in the crypto sector are starting to strive for environmental sustainability. So since yesterday also the investment company Ninepoint, which advocates for a green Bitcoin.

Ninepoint Toronto converted its Bitcoin Trust into an exchange-traded Fund (ETF) last week. The new Bitcoin ETF is currently listed on the Toronto Stock Exchange under the ticker BITC.U traded in US dollars and below BITC in Canadian dollars.

Yesterday, Ninepoint announced that it is now offering investors a carbon-neutral Bitcoin exposure by using a portion of its collected management fees to offset the CARBON footprint of its Bitcoin ETF.

Alex Tapscott, Digital assets Manager at Ninepoint, commented: “Bitcoin is both a fast-growing asset class and an increasingly important financial technology. We all have to do our part to make Bitcoin grow more environmentally sustainable. Ninepoint shows the world a way to do that. Investors increasingly want responsible solutions for their portfolios without sacrificing diversification. I believe that Ninepoint’s Bitcoin ETF combines the best of both worlds and could be a role model for our industry.“

In order to achieve its sustainability goals, Ninepoint works with the environmentally conscious software fintech CarbonX, which calculates the CO2 impact of products and services and compensates them with emission certificates via the Zerofootprint program. CarbonX and the Crypto Carbon Ratings Institute analyze Ninepoint’s carbon emissions and provide the company with appropriate solutions.

Appropriate emission allowances are used to support projects that meet the highest global standards, including, in particular, projects to protect the Amazon Forest. Through their contribution to the United Nations Sustainable Development Goals, these projects will have a direct positive impact on the lives of people in the region while avoiding the release of carbon dioxide into the atmosphere.

John Wilson, Co-Managing Director and managing partner of Ninepoint, added:: “Ninepoint is proud of its role as an innovative pioneer in the investment sector. By offsetting the CARBON footprint of our Bitcoin ETF, we are fulfilling our commitment to provide investors with better opportunities to diversify their portfolios.“