New York Investment firm SkyBridge Capital has partnered with carbon credit provider Moss Earth to purchase tokens representing approximately 38,436 tons of carbon.
SkyBridge intended to reduce carbon volume in the atmosphere and tapped into carbon offsets to achieve this goal. The International Investment firm founder praises the approach, describing it as a reliable way of making the Bitcoin network green.
“We project that bitcoin mining will be fully renewable by the end of the decade,” said Anthony Scaramucci, Founder and Managing Partner of SkyBridge. “In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors.”
Moss Earth is a climate technology company that provides “MCO2” tokens backed by carbon credits to offset greenhouse gas emissions. MCO2 token is listed on platforms including Mercado, Uniswap, FlowBTC, and ProBit. SkyBridge utilised conservative to determine the number of tokens to offset historical greenhouse gas emission of current bitcoin holdings.
The two firms partnered because of One River, a fellow institutional bitcoin investor.
“SkyBridge’s initiative to offset the greenhouse gas emissions caused by the bitcoin held by its funds is most probably the largest ever done by an institutional investor,” said Moss CEO and founder Luis Adaime. “Offsetting bitcoin’s carbon emissions is an important step towards the correct pricing to the planet of electricity usage, and towards accelerating the migration of the bitcoin mining industry to renewable energy sources”.
SkyBridge is an institutional asset manager that provides exposure to BTC via fund products. The firm also has a pending application for a Bitcoin ETF with the U.S. Securities and Exchange Commission. It also filed for an Ethereum ETF with the US SEC in July.