BITH11 is a new exchange-traded fund (ETF) launched in Brazil by Hashdex Asset Management, an alternative investment company focused on encryption, claiming to be the country’s first “green” Bitcoin ETF.
This fund It plans to offset its related carbon emissions by purchasing carbon credits. To achieve the ETF’s goals, Hashdex has partnered with the Crypto Carbon Rating Institute (CCRI) in Germany, which will prepare an annual report to estimate energy consumption and carbon emissions to support the creation of the BTC acquired by the fund.
The current goal of the ETF is to invest 0.15% of its current assets in carbon credits and environmental technologies each year. The fund was listed on the B3 Brazil Stock Exchange later last week under the ticker symbol BITH11.
According to a rough translation, Rogerio Santana, Relations Director of the B3 Exchange in Sao Paulo, said:
“The new ETF, in a regulated, safe manner and sustainable development goals, allows investors to be exposed to the changes in the world’s major digital assets, as well as all their growth potential and value reserves,”
In addition to HASH11 and BITH11, Hashdex also provides a weighted Nasdaq Crypto Index (NCI) fund tracking BTC and its Bitcoin risk parity gold fund.
As concerns about the energy consumption of crypto mining operations based on fossil fuels have entered mainstream discussions, green crypto funds have become more and more popular this year.
In May, Canadian Bitcoin ETF issuer Ninepoint announced plansOffset the carbon footprint of its BTC fund, Cooperate with CarbonX, a carbon offset service provider.
The following month, One River Digital, a hedge fund manager focused on cryptocurrencies, reported that the demand for cryptocurrencies surged Carbon neutral bitcoin investment products.
On August 3, SkyBridge Capital, a global investment company, announced that it has partnered with carbon credit provider MOSS Earth to purchase tokens representing 38,436 tons of carbon offset.