Scaramucci’s SkyBridge Capital Buys Carbon Offsets for Bitcoin Holdings

Divya  |  Aug 3, 2021

Anthony Scaramucci’s investments firm SkyBridge Capital has partnered with MOSS Earth to purchase offsets for 38,436 tons of carbon represented by its Bitcoin (BTC) holdings. The transaction is claimed to have offset the historic carbon footprint for all products offered by the firm, including its multi-strategy funds and First Trust SkyBridge Bitcoin Fund.

SkyBridge Partners With MOSS Earth to Offset Carbon Footprint of Bitcoin Holdings

On Monday, SkyBridge issued a statement saying that it had made its BTC reserve green by offsetting its historic CO2 footprint. Meanwhile, its founder Anthony Scaramucci hoped that the Bitcoin network would entirely shift to renewable energy in the future. 

"We project that bitcoin mining will be fully renewable by the end of the decade," he said. "In the interim, carbon offsets represent an effective way to green the bitcoin network and facilitate adoption by ESG-minded investors."

The firm that has made it possible for SkyBridge to reduce the environmental impact of its crypto holdings is MOSS Earth, a platform that operates in the voluntary carbon market. MOSS sources its credits from independently verified projects that avoid deforestation which would otherwise occur. 

While Bitcoin is widely known for its impact on the environment, the magnitude of that impact varies across different estimates and studies. Therefore, SkyBridge uses a conservative estimate -- based on Moss calculations -- to determine the number of tokens required to offset the emissions of its BTC 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,” MOSS CEO and founder Luis Adaime said in the press statement. He was also optimistic that initiatives like this would accelerate the migration of the BTC mining industry to renewable sources of energy.

One River and Climate Vault’s Contribution to Offsets

SkyBridge was introduced to MOSS by another institutional Bitcoin investor One River, which has been working on a system to calculate the carbon emissions from BTC mining. The transition to green BTC holdings has also been attributed to Climate Vault, a nonprofit founded at the University of Chicago that provides solutions for carbon reduction with the help of government-regulated markets.

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