SkyBridge Capital (“SkyBridge”) has partnered with MOSS Earth to purchase and immediately retire tokens representing approximately 38,436 tons of carbon—a transaction that offsets the estimated historic carbon footprint of the bitcoin currently held across its products firm-wide, including its multi-strategy funds and the First Trust SkyBridge Bitcoin Fund.
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“We project that bitcoin mining will be fully renewable by the end of the decade” said Anthony Scaramucci, Founder and Managing Partner of SkyBridge. “In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors.”
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MOSS operates in the voluntary carbon offset market, meaning they source credits from independently verified projects (for example, by Verra) that avoid deforestation that otherwise would occur. While the process of estimating the historic carbon footprint of bitcoin is subject to numerous assumptions and limitations, SkyBridge used a conservative estimate—based on Moss calculations—to determine the number of tokens required to offset the historical greenhouse gas emissions of the bitcoin currently held by its funds.
“SkyBridge’s initiative to offset the greenhouse gas emissions caused by the bitcoin held by its funds is most probably the largest ever done by an institutional investor, and an example to be followed by the investment community. Offsetting bitcoin’s carbon emissions is an important step towards the correct pricing to the planet of electricity usage, and towards accelerating the migration of the bitcoin mining industry to renewable energy sources,” said Moss CEO and founder Luis Adaime.
SkyBridge was introduced to MOSS by One River, a fellow institutional bitcoin investor, and appreciates the contribution One River and others, particularly Climate Vault, have made to “greening” bitcoin.
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