BITH11 is a new exchange-traded fund (ETF) launched in Brazil that claims itself as the first ‘green’ Bitcoin ETF. The fund plans to neutralize its carbon emissions by purchasing carbon credits.
Crypto-focused investment firm Hashdex Asset Management launched this ETF last week. To meet its objectives, the firm has partnered with Germany’s crypto carbon rating institute. In fact, the institute will annually provide reports estimating energy consumption and carbon emissions through the creation of BTC.
As of now, the ETF is aiming at 0.15% of its liquid assets into carbon credits & eco-friendly technologies each year. B3 Brazilian Stock Exchange introduced this ETF under the ticker BITH11.
In this announcement, Rogerio Santana, relationship director at the São Paulo-based B3 exchange, stated:
“The new ETF offers investors exposure to variations in the world’s main digital asset, with all its growth potential and value reserve, in a regulated, secure manner and under sustainability goals.”
Hashdex issues regulated crypto investment funds and had launched its first crypto-focused ETF, HASH11 a couple of months back. Moreover, According to Bloomberg, the firm is seeing growth and has risen 33% as of now.
In addition to that, Hashdex offers a weighted Nasdaq Crypto Index (NCI) fund tracking BTC, and its Bitcoin Risk Parity Gold Fund.
Green crypto funds can combine eco-friendly practices and cryptocurrencies together. They have grown in popularity due to concerns about the fossil fuel-based energy consumption of crypto mining operations. However, many companies around the world are planning to offset carbon emissions while creation of cryptos through various methods.
Recently, Ninepoint which is a Canadian Bitcoin ETF issuer, announced plans to offset the carbon footprint of its BTC fund, partnering with carbon offsetting service provider CarbonX.