The Accelerate Carbon Negative Bitcoin ETF (TSX:ABTC) has been announced by the Canadian Company Accelerate Financial Technologies. The ETF is pledging to be carbon negative. Meaning for every $1,000,000 CAD invested into the ETF, Accelerate will plant 3,450 trees. According to Accelerate, this will remove an estimated 1,000 tons of carbon dioxide from the atmosphere for each collection of trees planted.
Accelerate plans to remove “over 100% of the estimated carbon dioxide emissions attributable to bitcoin transactions that ABTC is indirectly exposed to”. It would be a forward move to have a carbon-negative bitcoin ETF, as Bitcoin is responsible for 0.5% of the world’s total electrical output.
ABTC is an attractive ETF due to the direct removal of carbon resulting from investments. Most ETFs that aspire for carbon neutrality do so with carbon credits. However, ABTC will be directly buying trees to offset their carbon emissions. The Fund will also not hold Bitcoin directly. Instead, it will focus on bitcoin futures trading on the Chicago Mercantile Exchange.
The ETF will trade on the Toronto Stock Exchange. As well, it will offer denominated units in Canadian and American dollars. A management fee of 0.70% is also listed. The fund will be managed by Accelerate CEO and Founder Julian Klymochko.
