Brazil Gets Second Bitcoin ETF, Hashdex Preaches Carbon Neutrality

After listing its foremost Bitcoin ETF on the Brazilian Stock Exchange (BSE) back in July, Brazil gets another BTC ETF. Interestingly, the company behind the BTC derivative, Hashdex, declared its support for carbon neutrality. For both Brazil and Hashdex, the recent ETF is their second BTC exchange-traded fund.
Hashdex has touted its recent BTC derivative with the trading symbol, BITH11 as Brazil’s first green or carbon-free BTC derivative. According to its statement, Hashdex plans to dispose carbon outflows resulting from its BTC accumulation by buying carbon credits. To achieve this, it signed a carbon-based deal with the Crypto Carbon Ratings Institute (CCRI) in Germany. The CCRI will be responsible for releasing reports on a yearly basis calculating the energy consumed while mining the BTC it has acquired as well as carbon outflows from the mining.
The asset manager will commit 0.15% of its assets as investment for the purchase of carbon credits and climate-friendly innovations yearly. Its second crypto ETF came into the picture last week and was listed on the B3 Brazilian Stock Exchange (BSE) just like the first.
Following the listing, Sāo Paulo’s B3 exchange relationship director- Rogerio Santana, noted that the newly-listed investment Fund will provide investors with exposure to the dynamics of BTC, including its potential for growth, while also protecting them against the volatility of the asset.
Hashdex Gets Debut BTC ETF in Q2
Hashdex released its first BTC investment Fund, HASH11 back in April. According to reports, Hashdex’s first crypto-based ETF has registered a 33% increase since then. Apart from its two BTC derivatives, the investment firm also offers an NCI Fund that tracks the price of BTC and a BTC Risk Parity Gold fund.
With the second crypto ETF already listed, Brazil takes second place after Canada in terms of BTC derivatives. The latter already has about four BTC-derived ETFs and is looking to add more to its list. Meanwhile, an ETF issuer in Canada, Ninepoint announced a partnership recently, aimed at adopting a carbon-neutral stance on its BTC ETF. The demand for carbon-neutral BTC derivatives is on the rise.
China’s Mining Ban Instigates Calls for Green Energy Mining
The driving force behind the clamor for BTC derivatives that promote the use of green energy is China’s mining ban in May. The ban had upset mining operations in the country, as mining companies left the country in huge numbers. Chinese authorities reported that the ban was necessary to promote its newly adopted carbon policy which it hopes to achieve by 2060.
A Chinese province, Guizhou also announced that it has embarked on building electric vehicle stations as miners’ exodus left the province with idle electricity to capitalize on. Authorities in Guizhou have pledged their support to building about 3,500 EV charging stations across the province before the year ends. They also declared plans to add to the numbers by 2021. As of August, BTC green energy mining was at 56%.
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