Viridi Funds Launches ETF Focused on Cleaner Energy Crypto Miners

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Registered investment adviser Viridi Funds has launched an exchange-traded fund that invests in crypto mining companies that are switching to cleaner sources of energy.

The fund is called Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF and will be traded on the Arca platform of the New York Stock Exchange; Viridi will act as the fund’s sub-advisor while Alpha Architect will create the fund’s infrastructure. The management fee on the ETF will be 0.9%, higher than most ETFs but lower than most closed-end crypto funds.

Eighty percent of the fund will invest in publicly traded miners who have switched to nuclear or renewable energy sources or are trying to offset their carbon emissions with carbon credits, while 20% go to semiconductors that also take advantage of clean energy.

The fund will include semiconductor companies due to the few publicly traded mining companies, Wes Fulford, CEO of Viridi Funds, told CoinDesk.

Neither are there 50 large-cap global mining companies known to be publicly traded for having a diverse universe of potential holdings, he said.

Fulford noted that the ETF would invest in companies that use carbon credits to offset emissions, as well as a combination of carbon credits and renewable energy, but that using credits is unlikely to be a model. sustainable trading for crypto miners.

Some companies are using the credits in the meantime, Fulford said, but if they’re smart, they’ll continue to migrate to renewables.

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