ETF launched on sustainable bitcoin mining

Viridi Funds has launched an ETF focused on “green” bitcoin and cryptocurrency mining 

This was announced by the same company, whose CEO, Wes Fulford , comes from Bitfarms . 

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 firm that advises on investment and manages funds, as well as providing environmentally focused crypto investment products. It is supported by some important companies active in the crypto sector, such as CoinShares, Alameda Ventures, Luxor Technology, Fundamental Labs and Mechanism Capital.

RIGZ is an exchange-traded, actively managed fund that focuses on investments 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 investments in this sector with its new ETF. 

The bitcoin mining ETF

The new fund is comprised of stocks of companies associated with the entire spectrum of crypto mining and infrastructure, from semiconductor and chip makers for specialized machines, to mining hardware manufacturers, to mining companies that ensure they have long-term deals deadline for the purchase and use of sustainable energy. 

RIGZ will not invest directly in cryptocurrencies, but will likely have indirect exposure to Bitcoin, Ethereum and other mineable cryptocurrencies, as many miners have these assets in their wallets.   

Fulford said: 

“Bitcoin and cryptocurrencies continue to grow in importance and we are seeing 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 underlies the entire ecosystem, with sustainability in mind. 

Having built mining facilities, I have learned firsthand what it takes to run a successful business in this sector ”. 

CoinShares CEO Meltem Demirors added: 

“During these times of political and economic uncertainty, asset managers and financial services firms have a responsibility to distribute capital in a way that is aligned with client values ​​and preferences. CoinShares was the first wealth manager to research and publish its results on bitcoin mining energy usage as early as 2018, and found that the bitcoin mining industry uses over 70% renewable energy and is one of the industries. most sustainable on the planet. Viridi Funds can help investors separate fact from fiction and establish more formal methodologies for quantifying and qualifying sustainable investments in the cryptocurrency industry

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