Viridi Funds brings mining ETF to NYSE


The investment company Viridi Funds is bringing a mining ETF to the New York Stock Exchange. It shows various stocks of mining companies and semiconductor companies.

The US investment company Viridi Funds brought a crypto-mining ETF to the New York Stock Exchange (NYSE) yesterday. The company shared that in one Press release With. With this step, one wants to inspire more investors for the sector. The Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF ”(RIGZ) does not have any crypto assets as a basis, but rather tracks various stocks of mining companies and semiconductor companies. Represented include: Samsung Electronics, Nvidia and Advanced Micro Devices. At the time of going to press RIGZ at $ 25.28.

The ETF is supported by well-known companies within the crypto sector such as CoinShares, Alameda Ventures, Luxor Technology, Fundamental Labs and Mechanism Capital. As the name of the ETF already suggests, Viridi focuses on sustainable mining companies with the product. CEO Wes Fulford explains:

Bitcoin and other cryptocurrencies continue to gain in importance. We are seeing a new wave of institutional support for this emerging asset class. We launched RIGZ to provide investors with an ETF that seeks to balance purpose and profit by investing in infrastructure that underpins the entire ecosystem with sustainability in mind.

Viridi CEO Wes Fulford

Fulford itself has already gained expertise in the mining industry. Before joining Viridi, he was CEO of Bitfarm, one of the largest mining pools in the United States, until March 2020.


Bitcoin ETF is still a long time coming in the USA

While RIGZ is another financial product that forms the backbone of the proof-of-work-based crypto sector, the approval of a Bitcoin ETF in the USA is still a long time coming. Since December last year, a large number of applications from various investment companies have fluttered to the Securities and Exchange Commission (SEC) come in. Most recently, Ark Investment around CEO Cathie Wood only submitted a form for a Bitcoin ETF to the national stock exchange regulator at the end of June.

However, the SEC is taking its time to make a decision. In the middle of last month, the tax authorities postponed the decision on the application of the investment company VanEck. One wants to wait for feedback from the public, argued the stock exchange regulator. The SEC recently extended the deadline for Wisdom Tree, another fund company, on the same grounds.

Investors who don’t want to wait any longer can already fall back on offers from Brazil or Canada. A Bitcoin ETF is already approved in both countries. It is not clear why the SEC is taking so long to get approval in the USA. The stock exchange supervisory authority would probably like to wait for the current wave of regulation before a decision can be made. Various experts believe that it is very likely that the tax authorities will give the green light in the end.