Skybridge Capital, a global multi-asset investment firm that has filed for Bitcoin and Ether Exchange Traded Funds (ETF), has partnered with Moss Earth to offset its carbon footprint generated from its Bitcoin holdings. The firm bought carbon credits to offset approximately 38,436 tons of carbon. The investment firm joins the growing league of crypto platforms that have bought carbon credits worth millions of dollars to ensure Bitcoin is a green investment.
Anthony Scaramucci, Founder and Managing Partner of SkyBridge said the step was intended to ensure ESG-focused investors don’t shy away from Bitcoin. He said,
“We project that bitcoin mining will be fully renewable by the end of the decade. In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors.”
MOSS is a credible name in the voluntary carbon offset market and was introduced to Skybridge by One River, another Bitcoin institutional fund. MOSS made use of a conservative formula to determine the amount of carbon footprint left by the investment firm. MOSS also called Skybridge’s carbon offset plan the largest ever carried out by an institutional investor.
Crypto Exchanges Spend Millions on Metting Carbon Emission Goals
Crypto exchanges have decided to make the Bitcoin network a much more greener investment option by buying carbon credits. Winklevoss twins founded Gemini crypto exchange became the first crypto platform to buy $4 million in carbon credits. FTX crypto exchange also announced $1 million towards becoming carbon neutral recently.
The FUD around Bitcoin being bad for the environment gained a lot of traction in the mainstream media this bull season. The likes of Elon Musk also claimed Bitcoin network’s energy consumption is an environmental concern. However, a recent Bitcoin Mining Council (BMC) report highlighted that the Bitcoin network uses more than 50% of its energy from renewable sources.
Skybridge Capital has become a prominent name for its wide range of Bitcoin investment products and looking forward to launching two ETF products upon SEC approval. The SEC has delayed its decision of Skybridge’s Bitcoin ETF Filing.