Accelerate Financial Technologies is reportedly having to plant a tree for every matching buy for its anticipated Bitcoin exchange-traded fund, which could reach up to a thousand figures.

Specifically revealed by Bloomberg, the investment services firm from Calgary has reportedly made a promise to complete the planting of 3,450 trees for each $1 million CAD – approximately $792,000 at the time of publication – equivalent to investment poured into its Bitcoin (BTC) exchange-traded fund (ETF). 

The initiative is reportedly included within the scope of Accelerate’s goal to achieve carbon-negative for its Bitcoin ETF – meaning the amount of carbon dioxide eliminated from the atmosphere is larger than the energy needed for Bitcoin mining and transactions. 

The firm shared that every significant investment would generate the offset of 1,000 tons of carbon dioxide.

Accelerate chief investment officer Julian Klymochko reportedly spoke publicly against the concept outlining the firm’s project to be analogous to greenwashing or falsely marketing oneself as environmentally friendly.

Per Klymochko, the company would rather go with the idea of planting trees compared to buying carbon credits to label the product carbon negative.

Ninepoint Partners LP is reportedly having plans down its pipeline to provide a green Bitcoin ETF, which bears particular resemblance to that proposed by Accelerate. In May, the firm disclosed its initiative to carbon credits to offset the environmental effect of the crypto in its fund.

A variety of establishments across the blockchain and crypto sector – mining entities included – have shared their methods of using green or renewable energy sources, taking into account the worries regarding the technology’s potential environmental effect.