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ESG proof, “green” ETF is live on the New York Stock Exchange
An exchange-traded fund focusing on more environmentally friendly crypto mining operations and infrastructure has been launched in the United States.
The new Viridi Cleaner Energy Crypto-Mining and Semiconductor ETF started trading on Tuesday, July 20, on the New York Stock Exchange under the symbol ‘RIGZ’.
RIGZ is an exchange-traded fund focusing on more environmentally friendly crypto mining and is part of increasing efforts to attract (new) mainstream investors with a focus on environmental, social and governance (ESG) issues.
The ETF was launched by Viridi Funds, who stated that the fund also invests in crypto mining infrastructure businesses and semiconductor companies such as Samsung Electronics, Nvidia Corp., and Advanced Micro Devices, according to Law360.
Wes Fulford, Viridi Chief Executive Officer and former Head of Bitfarms, said the fund will include clean energy screening. According to him the recent China exodus of mining operations was good news since some relocated in North America. Over half of crypto mining operations on the continent now use renewable energy sources:
“Obviously, with what’s happened in China the power used is dramatically lower than it was at the beginning of June. And it’s also providing the added benefit that more computing power is finding its way to other jurisdictions, sort of decentralizing the network even further, which adds to the security.”
Fulford also said that the two top cryptocurrencies, Bitcoin and Ethereum, represent the ‘S’ and the ‘G’ from the ESG principles pretty well. Their new EFT will be adding the ‘E’, he added as he stated that we are still in early times of emerging asset class and a “tidal wave of institutional flows” has yet to come.
“The rationale for owning a mining and infrastructure company is much the same as a senior gold producer – leveraged returns as compared to the underlying commodity. We believe that based on recent developments within the Chinese mining sector, North American miners that have access to sustainable low-cost power, large fleets of new-generation rigs, and access to capital are well positioned to generate higher returns during the months and years ahead.”
Recent data shows that Bitcoin mining is not nearly as bad for the environment as it is often ‘framed’ to be. In addition, leaving China behind for new and greener locations signals an opportunity for the industry.
So far it turns out that large U.S.-based crypto mining operations have benefited greatly from increased market share and hash rate dominance after the China crackdown. This includes Riot Blockchain, Marathon, Hut 8, and Hive Blockchain.
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Author: Peter Siu