Bitcoin ETF issuer Ninepoint Partners will look to fully offset its carbon footprint

Bitcoin ETF issuer Ninepoint Partners will look to fully offset its carbon footprint

Canadian bitcoin ETF issuer Ninepoint Partners Monday that it is planning to "fully offset" its carbon footprint, as it seeks to reassure investors concerned about the of cryptocurrency mining. The Toronto-based company said it will apply a portion of its management fee towards becoming carbon neutral by partnering with CarbonX, an environmental fintech firm, and . Both will provide scientific estimates and analysis on bitcoin's carbon footprint. The investment fund on May 6 trust from a closed-end investment fund into the ETF. "Investors increasingly want real [environmental, social & governance] solutions for their portfolios, while not sacrificing on diversification," Alex Tapscott, managing director of digital assets at Ninepoint, said in a statement. Ninepoint, which oversees approximately $8 billion in assets and institutional contracts, also said it is supporting various forest conservation projects in the Amazon specifically through this arrangement. The rapid ascent of bitcoin, climbing 95% year-to-date thanks to increasing institutional adoption, has also been accompanied by a growing chorus of critics who point to the asset's mining-related carbon footprint. This includes prominent figures such as who has criticized bitcoin's electricity per transaction usage. . As the price increases, the bitcoin network has also become more complex to cope with