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.
"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."
MOSS is a climate tech company focused on environmental services with global operations. In 2020, it created the first carbon credit-backed token, MCO2, used to offset greenhouse gases, has already sent more than $15 million USD to the Amazon, which has helped to preserve approximately 800 million trees.