Viridi Funds has launched an ETF focused on “green” mining of bitcoin and other cryptocurrencies.
The fund is called Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF, and was listed yesterday on the New York Stock Exchange under the symbol RIGZ.
Viridi Funds is a licensed investment advisory and fund management firm that provides environmentally focused crypto investment products. It is backed by a number of major crypto players such as CoinShares, Alameda Ventures, Luxor Technology, Fundamental Labs and Mechanism Capital.
RIGZ is an actively managed exchange-traded fund that focuses on investing in the crypto mining industry and its infrastructure. It was created to allow investors to gain exposure to the crypto sector with regulated products, while committing to environmental sustainability.
According to Viridi Funds, more than 50% of bitcoin mining in North America is already done using renewable energy sources, and the company wants to encourage investment in this sector with its new ETF.
ETF on bitcoin mining
The new fund consists of securities from companies associated with the entire spectrum of crypto mining and infrastructure, from manufacturers of semiconductors and chips for specialized machines, to mining hardware manufacturers, to mining companies that ensure they have long-term agreements to purchase and use sustainable energy.
RIGZ will not invest directly in cryptocurrencies, but is likely to have indirect exposure to Bitcoin, Ethereum and other minable cryptocurrencies, as many miners have these assets in their portfolios.
“Bitcoin and cryptocurrencies continue to grow in importance, and we are witnessing a new wave of institutional support for this emerging asset class. We launched RIGZ to provide investors with an ETF that attempts to align purpose and profit by investing in the infrastructure that underpins the entire ecosystem with sustainability in mind.
Having built mining facilities, I have learned first-hand what it takes to run a successful business in this industry”.
CoinShares CEO Meltem Demirors added:
“During these times of political and economic uncertainty, asset managers and financial services firms have a responsibility to deploy capital in a manner that aligns client values and preferences with portfolio construction. CoinShares was the first asset manager to research and publish its findings regarding bitcoin’s energy use as early as 2018, and found the bitcoin mining industry utilizes over 70% renewable energy and is one of the most sustainable industries on the planet. Viridi Funds can help investors separate fact from fiction, and establish more formal methodologies to quantify and qualify sustainable investing in the cryptocurrency sector. Our team at CoinShares looks forward to collaborating with Viridi Funds to bring new thematic products to market in the coming years”.