Toronto-based Ninepoint Partners, which recently converted its Bitcoin Trust from a closed-end investment fund into an exchange-traded fund, will use a portion of its management fee to support forest-conservation projects in the Amazon in an effort to make the fund carbon neutral. (The Logic)
Talking point: Cryptocurrency’s massive energy use has become a flashpoint for criticism. A widely cited analysis by Cambridge University researchers found that Bitcoin uses more electricity annually than the entire country of Argentina. Meanwhile, Canada’s Bitcoin ETFs have been looking for ways to differentiate themselves as they compete for customers, such as undercutting each other’s management fees. Allowing investors to alleviate some of their climate change impact is an interesting and novel way for Ninepoint to stand out from the pack.
