Alternative Investments/Digital: Viridi Launches The First Clean Energy Crypto Mining ETF In The US
The actively managed ETF will trade on the NYSE.
Coinshares-backed Viridi Funds, a registered investment adviser and emerging fund manager, has launched the Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (RIGZ), a first-of-its-kind clean energy crypto mining product in the US. (ETF Express)
Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (RIGZ)
The new ETF promises to provide investors with exposure to the cryptocurrency mining industry by investing in companies associated with the entire spectrum of cryptocurrency mining.
These stocks could therefore be of companies that are producers of computer chips or manufacturers of computer equipment – even direct investments in market participants creating cryptocurrency themselves are possible.
However, the overriding philosophy would be to invest in companies with robust and sustainable energy usage policies.
“We are leveraging our team’s deep experience in the crypto markets,” said Wes Fulford, CEO of Viridi Funds. “Our value proposition is quite a bit different from a crypto ETF since our product focuses on the infrastructure that underpins this asset class. Cryptocurrency does not function without allocating computing power to the network. The miners are providing an essential service to the digital asset landscape and crypto cannot function without them.”
Furthermore, Fulford told The Block that the firm has an internal proprietary screening algorithm that will help select companies based on their current and planned energy source. The asset manager will also analyze the companies based on their financial fundamentals.
The new ETF features an expense ratio of 0.90%.
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