Hold onto your hats, crypto enthusiasts! Canada is about to sprinkle some eco-friendly magic into the world of cryptocurrency with the launch of two carbon-neutral ETFs. That’s right, we’re talking about Bitcoin (BTC) and Ether (ETH) ETFs, or as they’re known in the ticker world, BTCC.J and ETHH.J.
The Eco-Friendly ETF Boom
Purpose Investments, the wizards behind this sustainability spell, are gearing up to make a splash on the Toronto Stock Exchange (TSE). The big day? Tomorrow! Investors will now have a chance to dip their toes into crypto while feeling good about it. These ETFs promise to offer a greener alternative for institutional investors, proving that you can embrace the digital future without throwing Mother Nature under the bus.
What’s the Deal with Carbon Offsetting?
So, how does one achieve carbon neutrality in the crypto world? It takes a little partnership magic. Purpose has teamed up with Patch, a company dedicated to measuring the hefty carbon footprint of crypto portfolios and offering carbon-removal solutions. It’s a tall order, and measuring the environmental impact of crypto mining is akin to herding cats, but Purpose has rolled up its sleeves and published a white paper that reveals their challenging journey into crunching the numbers.
Investing in a Greener Future
Purpose doesn’t just stop at measuring carbon footprints; they go the extra mile. With the traffic lights of environmental sustainability clearly flashing green, Purpose plans to invest in carefully vetted carbon offset projects. And what kind of projects are we talking about? Think direct air capture, reforestation efforts, and soil management. Yes, we’re bringing sexy back to soil!
Current Crypto Holdings
As of now, Purpose boasts a hefty crypto portfolio: approximately 24,167 BTC valued at around $1.6 billion, alongside 86,906 ETH worth about $417 million. Now, I’m no market guru, but those are some impressive digits!
A Battle of ETFs: BTC vs. ETH
And while the Purpose Bitcoin ETF (BTCC-B.TO), which was the first Bitcoin fund launched in North America, has caught the eye with over $1 million in volume and a nearly 20% return in the past month, not to be overlooked is the Purpose Ether ETF (ETHH.TO). Even though it plays second fiddle with $210,000 in daily volume, it’s showing off a stunning 38% return over the same period. Who knew the ether could outshine the Bitcoin?
Setting Trends Beyond Borders
Let’s not forget, this isn’t Purpose’s first rodeo. Earlier this year, they made waves in Europe by launching the first ETF incorporating carbon offsetting—trading under the ticker ZERO on the London Stock Exchange. This fund tracks the S&P Global Clean Energy Select Index and solidifies Purpose’s position as a leader in eco-friendly investing.
Green Crypto: A Trend Here to Stay
The world of cryptocurrency is in for a wild ride, and with the addition of these carbon offset ETFs, Canada is leaning towards a greener financial future. Who knew saving the planet could also be profitable? Investors, buckle up and prepare to embrace a digital financial revolution that doesn’t just fill your pockets but also helps heal our beautiful planet.
