One River Files For Carbon Neutral Bitcoin ETF.
2021-05-24 | Big Bob
One River Digital Asset Management has filed with the United States SEC [Securities and Exchange Commission] for a Bitcoin [
BTC, +16.25%] ETF that might be carbon neutral
In line with the S-1 filing,
submitted earlier on Monday, the One River Carbon Neutral Bitcoin Trust would be listed on the
NYSE and would buy and
eliminate carbon credits to account for the emissions
related to the bitcoin
within the fund.
To that end, One River added that
it's inked an
effect an Uruguay-based firm doing business as Moss Earth
to get blockchain tokens representing certified reductions in carbon emissions.
Each of the MCO2 tokens is aimed to represent a claim on
a licensed carbon credit held
within a pool of carbon credits held by Moss Earth on a registry with Verra.
No ticker has been outlined for the ETF
so far, which has been registered as a Delaware statutory trust since 27
th April.
The trust
won't purchase or sell bitcoin directly, per the filing, and instead, will use third parties
to offer the digital assets through “in-kind” transactions via the selling and redeeming of shares.
Coinbase Custody has partnered
as the custodian for the ETF's bitcoin assets.
Former SEC Chair Jay Clayton is an adviser at One River, having joined the firm's Academic and Regulatory Advisory Council earlier in March 2021.
The proposed bitcoin ETF - which looks aimed to appease investors' anxiety about the carbon emissions
related to bitcoin mining – joins a deep bench of ETF proposals before the SEC, along with one from VanEck.
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