Galaxy Digital, a digital assets company, is paving the way for a more sustainable crypto economy, according to billionaire founder and CEO Mike Novogratz, reports Financial Times. The company is increasing its efforts to push back against the negative image that the industry has earned from the intense emissions and energy consumption required for bitcoin mining.

Novogratz has reported that Galaxy Digital has already met the renewable energy conversion goals that it had set to reach by 2025; the goal of 80% energy consumption for crypto mining derived from renewables is one that Galaxy had set only six months ago and has already exceeded. In addition, the company is launching a sustainability program that will cover things such as hiring practices, energy use, and other issues, which will be an industry first.

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

The sordid reputation that bitcoin mining has garnered over time is a huge barrier for many investors and prevents many from even considering any allocations to the space. While many institutions have begun to enter the crypto economy, a good portion of the largest investors remain on the sidelines because of the environmental impact.

China’s banning of all things crypto last summer ended up being a boon for the sustainability push within bitcoin mining. Miners reestablishing their rigs are often doing so using renewable energy sources. The Cambridge index calculated that the amount of energy being pulled from renewable sources was 39% before the Chinese crackdown, whereas latest estimates from the Bitcoin Mining Council put that number at 57% post-crackdown.

“The world has a budget of power and I think if you’re in the crypto community you’d say this is a good use of a small amount of power, which is providing an amazing amount of service,” Novogratz said.

Investing in Galaxy Digital With Invesco

The Invesco Alerian Galaxy Crypto Economy ETF (SATO) invests across the crypto industry in a variety of crypto-related categories and invests across all market caps within developed and emerging markets. By investing across a range of crypto assets, investors can capture potential within the space while also mitigating the risk compared to a singular spot exposure.

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

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

For investors looking for an opportunity to gain exposure to crypto’s growth, the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) offers investment in the 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 are developing blockchain, mining cryptocurrency, buying cryptocurrencies, or else enabling technologies, exchange traded products (ETPs), or private investment OTC trusts tied to cryptocurrency.

The fund does not invest directly in cryptocurrencies or crypto assets and does not invest in initial coin offerings or futures contracts on any cryptocurrencies. It carries an expense ratio of 0.60%.

Both ETFs carry Galaxy Digital as one of their holdings.

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