Viridi Funds launches ETF focused on green crypto-mining companies and equipment makers

Viridi Funds’ asset manager has launched on the NYSE Arca exchange an exchange-traded fund (ETF) focused on the shares of green mining companies and manufacturers of crypto-mining equipment.

Introducing $RIGZ – The Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF$RIGZ is the world’s first ETF that primarily invests in companies involved in #bitcoin mining while utilizing a clean energy filter$RIGZ is now trading on the NYSE

Info: https://t.co/fFVLrM57uq

— Viridi Funds (@ViridiFunds) July 20, 2021

The Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF ticker is RIGZ.

The fund comprises stocks of companies across the full spectrum of cryptocurrency mining. Investors will indirectly assume exposure to the price dynamics of Bitcoin and Ethereum, since many miners hold a large portion of the coins they mine on their balance sheets.

Currently, RIGZ includes Marathon Digital Holdings, Bitfarms, Hut 8, Samsung Electronics, Nvidia, Advanced Micro Devices, HIVE Blockchain Technologies, Taiwan Semiconductor Manufacturing, CleanSpark, Northern Data, Riot Blockchain, Digihost Technology, DMG Blockchain Solutions, Argo Blockchain, Galaxy Digital Holdings, Taal Distributed Information, Semiconductor Manufacturing, Skychain Technologies and Bit Digital.

Total Expense Ratio is 0.90%.

The initiative was backed by CoinShares, Alameda Ventures, Luxor Technology, Fundamental Labs, and Mechanism Capital.

Viridi Funds expects the ETF to support the trend of increasing the share of green bitcoin mining in North America, which they estimated at ‘50%+’.

Using extensive experience in the industry and capital markets (having previously led the mining firm Bitfarms), Viridi can identify opportunities undervalued by the market, said Viridi Funds CEO Wes Fulford.

The executive outlined favorable prospects for increasing profits for the companies in the ETF: access to sustainable, cheap electricity, a large fleet of next-generation ASIC devices, and opportunities to raise capital. The driver will be the recent events in China, he added.

Viridi Funds announced a study that will broaden investors’ understanding of the cryptocurrency mining industry.

Earlier in May, One River filed an application for a carbon-neutral Bitcoin ETF.

Earlier on the NYSE began trading the Bitwise Crypto Industry Innovators ETF based on the shares of 30 publicly traded companies in the cryptocurrency industry.

Before that, JPMorgan filed an application with the SEC to launch an ETF based on the shares of companies in the digital assets industry.

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