This week, Brazil launched its brand new bitcoin ETF- BITH11. Hashdex Asset Management claims to have launched Brazil’s first-ever “green” Bitcoin ETF.
BITH11 is a product that offers access to Bitcoin in a simple, secure, regulated and sustainable way on the Brazilian stock exchange. The fund plans to neutralize its associated carbon emissions through purchasing carbon credits.
To meet the ETF’s objectives, Hashdex has partnered with Germany’s Crypto Carbon Ratings Institute (CCRI). CCRI will produce annual reports of the fund. It will estimate the energy consumption and carbon emissions underpinning the creation of BTC acquired by the fund.
The ETF is currently aiming to invest 0.15% of its liquid assets into carbon credits and eco-friendly technologies every year. The Bitcoin etf was launched on the B3 Brazilian Stock Exchange under the ticker BITH11.
According to a rough translation, 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.
Green crypto funds lately have become popular because of increasing concerns over fossil fuel-based energy consumption of crypto mining operations.
In May, Ninepoint also announced plans to offset the carbon footprint of its BTC fund by partnering with CarbonX.
On August 3, Global investment firm SkyBridge Capital announced that it had partnered with carbon credit provider MOSS Earth to purchase tokens representing 38,436 tons of carbon offsets.