Two Green Crypto ETFs Appear On The Toronto Exchange
At the Toronto Stock Exchange, an asset management company Purpose Investments unveiled two new green crypto ETFs on November 9.
The main difference between the presented funds and the already existing cryptocurrency ETFs is that these funds are backed and calculated with cryptocurrency, and not futures, as the underlying asset.
On the Toronto exchange, Bitcoin ETFs and Ethereum ETFs presented by Purpose will trade under the tickers BTCC.J and ETHH.J.
Purpose Investments’ partnership with Patch will make it possible to measure the carbon footprint of the cryptocurrency industry and reduce that footprint in the future. In addition, Purpose intends to invest in carbon offset projects from the cryptocurrency industry, such as biomass, mineralization, carbon dioxide removal, forestry, ocean and soil fertilization, and others.
According to information provided by Purpose, the Bitcoin fund held 24,167 BTC (over $1.64 billion at the time of writing) and the Ethereum fund held 86,906 ETH (over $417.42 million).
In late October, the US Securities and Exchange Commission may have rejected applications for Bitcoin ETFs from Valkyrie and Direxion.
Direxion applied for the Bear Strategy Bear ETF on October 26th. They should have been allowed to buy short futures at the BTC price. On the same day, Valkyrie applied for a BTC futures ETF that would offer 1.25x the exposure of the asset. Direxion’s product would invest exclusively in futures, while Valkyrie’s product would have futures, swaps, options and forwards.