By Shelly Melancon (Switzerland)
It is expected that two CO2-neutral crypto-supported exchange-traded funds will be debuted in Canada, providing a more environmentally friendly option for large investors. Purpose Ventures, a Canadian asset manager, is preparing to debut two new crypto-based ETFs on the Toronto Stock Exchange on November 9, both of which will provide traders with a carbon offset.
“Tomorrow, @PurposeInvest will introduce additional investment options for flagship #Bitcoin and #Ethereum ETFs — $BTCC and $ETHH — in addition to the existing investment options. They would be “Carbon Neutral” share categories, and their ticker symbol will be ‘/J.’” pic.twitter.com/W9QYS4232U – James Seyffart (@JSeyff) on November 8, 2021 (via Twitter).
Collaboration With Patch
Purpose will introduce Bitcoin and Ether exchange-traded funds (ETFs) with the ticker symbols BTCC.J and ETHH.J, respectively. In contrast to the funds that have recently been formed in the United States that are backed by futures contracts, these vehicles will be secured and resolved using Bitcoin as the underlying security.
The Toronto-based company has formed a partnership with Patch, a company that will assist it in measuring the carbon emissions of its cryptocurrency holdings and provide carbon-removal services. Because there are so many factors, determining the carbon emissions of cryptocurrency mining is a difficult undertaking. However, the business has outlined its work as well as the statistics in a paper.
Also read:Purpose then will engage in emissions reduction initiatives that have been thoroughly evaluated, to provide customers with CO2 neutral exposure to Bitcoin. Direct air absorption, bioenergy, mineralization, or carbon dioxide elimination, reforestation, marine fertilization, and soil conservation are some of the projects in which it will fund.
Ethereum ETF Not As Prominent
Purpose’s innovative BTC fund has 24,167 BTC (value about $US1.6B) as of November 8, per the firm’s publication, while the Ether vehicle had 86,906 ETH (worth approximately $US417 million) as of November 8, per the offer document. The Purpose Bitcoins ETF (BTCC-B.TO) was the inaugural Bitcoin fund to be created in North America, and it was introduced in February. According to Yahoo! Finance, the stock is presently trading at more than a million dollars in volume and has recovered about 20% over the previous month.
In contrast, the Purpose Ether ETF (ETHH.TO) is less prominent, with a daily trading volume of only $210,000, but it has generated a greater return of 38% over the previous 30 days. In addition, the business established the first European exchange-traded fund (ETF) that combines carbon balancing in June. The fund, which operates on the London Stock Exchange with the symbol “ZERO,” monitors the S&P Global Clean Energy Select Index, which is comprised of renewable energy companies.
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