BITH11, a new substitution-traded fund (ETF) launched in Brazil by crypto-focused culling investment firm Hashdex Asset Direction, claims to be the state's first "green" Bitcoin ETF.

The fund plans to neutralize its associated carbon emissions through purchasing carbon credits. To meet the ETF'southward objectives, Hashdex has partnered with Germany's Crypto Carbon Ratings Institute, which will produce annual reports estimating the free energy consumption and carbon emissions underpinning the creation of Bitcoin (BTC) acquired by the fund.

The ETF is currently aiming to invest 0.15% of its liquid assets into carbon credits and eco-friendly technologies every year. The fund was launched on the B3 Brazilian Stock Exchange tardily last week nether the ticker BITH11.

According to a translation, Rogério Santana, head of client human relationship at the São Paulo-based B3 commutation, stated:

"The new ETF offers investors exposure to variations in the globe's main digital asset, with all its growth potential and value reserve, in a regulated, secure manner and under sustainability goals."

Hashdex is an issuer of regulated crypto investment funds, having launched its commencement crypto-focused ETF, HASH11, in Apr of this twelvemonth. Over the by calendar month, HASH11 has gained 33%, according to Bloomberg.

In addition to HASH11 and BITH11, Hashdex also offers a weighted Nasdaq Crypto Index fund tracking BTC and its Bitcoin Chance Parity Gilded Fund.

Related: SkyBridge buys 38,500 tons of carbon offsets

Dark-green crypto funds have grown in popularity this year e'er since concerns over the fossil fuel-based free energy consumption of crypto mining operations entered mainstream discourse.

In May, Canadian Bitcoin ETF issuer Ninepoint announced plans to offset the carbon footprint of its BTC fund, partnering with carbon offsetting service provider CarbonX.

The following month, crypto-focused hedge fund manager One River Digital reported a surge in demand for carbon-neutral Bitcoin investment products.

On Tuesday, global investment firm SkyBridge Majuscule appear that information technology had partnered with carbon credit provider MOSS Globe to purchase tokens representing 38,436 tons of carbon offsets.