Ninepoint Partners to allocate portion of management fees to reducing carbon footprint

Ninepoint Partners, the Bitcoin ETF provider on the Toronto Stock Exchange, will allocate an undisclosed portion of its management fees toward reducing its carbon footprint.

The service-provider CarbonX will support the initiative.

A partner using Ninepoint’s funds will regularly purchase carbon credits on a regular basis. They will help neutralize the environmental impact of mining the Bitcoin fund held in its portfolio by supporting forest-conservation projects in the Amazon basin.

CarbonX, together with the Crypto Carbon Ratings Institute, will provide carbon-footprint analysis and CO2 offset solutions.

“We have found a solution for investors who want to invest in Bitcoin but are concerned about the environmental impact of mining,” commented Alex Tapscott, managing director of digital assets at Ninepoint.

On April 6, the company converted the January-open Bitcoin fund into an ETF.

Earlier, Square and ARK Invest presented a model for green energy development through the mining of digital gold.

As reported, Beijing authorities assess the impact of mining cryptocurrencies on electricity consumption.

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