Two carbon-neutral cryptocurrency-backed exchange-traded funds (ETF) are reportedly gearing towards their official Canada rollout, providing a solution with more “green” for institutional investors.

Specifically, an asset management entity from Canda Purpose Investments is reportedly in preparation for introducing two new crypto-based ETFs on the Toronto Stock Exchange on November 9th, both of which offer investors a carbon offset.

The purpose will reportedly complete the listing of its Bitcoin (BTC) and Ether (ETH) ETFs with the ticker symbol BTCC.J and ETHH.J respectively. 

Bearing some differences from the freshly rolled out funds in America, which are backed by futures contracts, these funds will be backed and settled using BTC as the underlying asset.

The company from Toronto has reportedly formed a collaboration with Patch – an establishment that will provide assistance to Purpose with measuring the carbon footprint of the crypto portfolios and provide carbon-removal solutions.

The purpose will then make investments in vetted carbon offsetting initiatives, with a primary target of offering its customers carbon-neutral exposure to BTC. A few of these initiatives include direct air capture, biomass, mineralization or carbon dioxide removal, forestry, ocean fertilization, and soil management.

The Purpose Bitcoin ETF (BTCC-B.TO) reportedly took the first spot in the list of rolled-out Bitcoin funds in North America. At the moment, it possesses over $1 million in volume and has returned almost 20% throughout October. 

The Purpose Ether ETF (ETHH.TO) does not have the same kind of popularity, with only around $210,000 in day-to-day volume, but has managed to achieve better performance for its return – 38% over the past 30 days.