galaxy Digital, a digital asset company, is paving the way for a more sustainable crypto-economy, according to billionaire founder and CEO Mike Novogratz, reports the Financial Times. The company is stepping up its efforts to combat the negative image the industry has gained due to the intense emissions and energy consumption involved in bitcoin mining.

Novogratz reported that Galaxy Digital has already met the renewable energy conversion targets it set out to achieve by 2025; the 80% power consumption target for renewable energy-derived crypto mining is one Galaxy set only six months ago and has already surpassed. Additionally, the company is launching a sustainability program that will cover things like hiring practices, energy consumption and other issues, which will be an industry first.

“The market wants green mining. Crypto kind of lost a false narrative that it was bad for the environment,” Novogratz said in an interview with FT. “But because we lose this narrative, [we thought] just pivot ourselves, and I think that was the right thing to do.

The sordid reputation that bitcoin mining has acquired over time is a huge obstacle for many investors and prevents many from even considering allocations to the space. While many institutions have started to enter the crypto economy, a good portion of the biggest investors remain on the sidelines due to the environmental impact.

China’s ban on anything crypto last summer ended up being a boon for promoting sustainability in bitcoin mining. Miners restoring their rigs often do so using renewable energy sources. The Cambridge Index calculated that the amount of energy extracted from renewable sources was 39% before the Chinese crackdown, while the Bitcoin Mining Council’s latest estimates put the figure at 57% after the crackdown.

“The world has a power budget and I think if you’re in the crypto community you would say that’s a good use of a small amount of power, which provides an incredible amount of service,” Novogratz said.

Investing in Galaxy Digital with Invesco

the Invesco Algerian Galaxy Crypto Economy ETF (SATO) invests in the crypto industry across a variety of crypto-related categories and invests across market capitalizations in both developed and emerging markets. By investing in a range of crypto assets, investors can capture the potential of the space while mitigating risk against a singular one-time exposure.

The fund seeks to track the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index, an index divided into two different types of securities: digital asset companies that are engaged in cryptocurrency or mining, buying and enabling technologies of cryptocurrency. ; and exchange-traded products (ETPs) and over-the-counter private equity funds that are associated with cryptocurrency.

SATO does not invest directly in bitcoin, cryptocurrencies, crypto-assets, initial coin offerings or cryptocurrency futures, and it is not diversified. SATO has an expense ratio of 0.60%.

For investors looking for an opportunity to gain exposure to crypto growth, the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) offers an investment in blockchain innovation making it all possible. The fund is based on the Alerian Galaxy Global Blockchain Equity, Trusts, and ETPs Index.

BLKC invests in companies that develop blockchains, mine cryptocurrencies, buy cryptocurrencies or even enabling technologies, exchange-traded products (ETPs) or cryptocurrency-related OTC private investment trusts. currencies.

The fund does not invest directly in cryptocurrencies or crypto-assets and does not invest in initial coin offerings or cryptocurrency futures. It carries an expense rate of 0.60%.

Both ETFs carry Galaxy Digital as one of their holdings.

For more news, insights and strategy, visit the Crypto Channel.

Learn more at ETFtrends.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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