SEATTLE – October 7, 2021 – Viridi Funds (“Viridi”), a registered investment advisor and emerging fund manager providing environmentally focused crypto investment products, today announced the Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (NYSE: RIGZ, “RIGZ” or “the Fund”) achieved the milestone of $10 million in Assets Under Management (AUM).
Adding to Viridi’s continued growth, it has also appointed Cameron Collins as its Investment Analyst. Mr. Collins will play a key role in advising and managing the portfolio for RIGZ and other financial products that Viridi Funds will be releasing.
Mr. Collins joins Virdi as RIGZ surpassed $10 million in AUM, pointing to the growth of the organization in the two months since the launch of the ETF. RIGZ was launched in July 2021 and was well received by investors as its price increased 45.16% (NAV) since inception. The Fund is backed by some of the most reputable groups and brightest minds within the cryptocurrency sector, including lead investor CoinShares, Alameda Ventures, Luxor Technology, Fundamental Labs, and Mechanism Capital.
Wes Fulford, Co-founder and CEO of Viridi, added, “In just the past few months, we have seen Viridi undergo a period of tremendous growth. The $10 million AUM mark and expansion of our team to include analysts like Cameron Collins is just the beginning. Leveraging the expertise of our core team, we were able to bring an innovative and unique product to market and supply investors with a simple way to access crypto from their brokerage and retirement accounts. Now that we have surpassed this milestone, we are looking ahead to providing analysis of the bitcoin mining industry as well as the launch additional products and services.”
Mr. Collins brings with him years of industry experience from his time at Kabouter Management as an International Equity Trader where his primary responsibilities included the strategic implementation of investment decisions across 33 equity markets. Prior to his time with Kabouter Management, Mr. Collins took part in a rotational program at Magnetar Capital and was an analyst for Aspire Capital Partners. Mr. Collins is a CFA Charterholder and graduated from the Carl H. Lindner College of Business at the University of Cincinnati with a Bachelor’s of Business Administration degree in Finance.
Mr. Collins commented on the news, “The initiatives and values of Viridi Funds paired with the opportunity to invest in an emerging segment of the ETF marketplace was one I was keen to join. I look forward to assisting the firm in its portfolio management activities as it continues its growth phase.”
About Viridi Funds
Viridi Funds is a registered investment adviser, that couples its experience in crypto mining operations with capital markets to invest in the crypto mining space, with a focus on clean energy. Viridi aims to give investors exposure to a fast-growing and dynamic sector. For more information on Viridi Funds, visit https://viridifunds.com.
The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling (215) 882-9983, or by visiting www.viridifunds.com. Read it carefully before investing.
Shares are bought and sold at market price not net asset value (NAV). Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times. A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding.
Investments involve risks. Principal loss is possible. ETFs may trade at a premium or discount to their net asset value. Redemptions are limited and often brokerage commissions are charged on each trade which may reduce returns.
The Fund will not invest directly in cryptocurrencies however it invests in companies involved in the cryptocurrency industry such as mining and manufacturers which can be very volatile. There is no assurance that the cryptocurrency network or service providers will continue in existence or grow. Technology companies may have limited product lines, financial resources and could face intense competition and rapid product obsolescence. Cryptocurrency functionality relies on the Internet and a significant disruption of connectivity could impede functionality and the risk of fraud or cyber-attack which could have adverse effect on the Fund’s investments.
Cryptocurrencies are subject to supply and demand so it is unclear how it will be impacted by geopolitical events. Nevertheless, political, health or economic crises may motivate large-scale acquisitions or sales of cryptocurrency either globally or locally. Large movements in the price of cryptocurrencies could create volatility and negatively impact the value of the Fund.
Cryptocurrencies exchanges are new and largely unregulated without any central authority or backing by any government or banks. Cryptocurrency is not legal tender and may experience very high volatility or be more exposed to fraud, glitches or stop operating.
Cryptocurrencies currently face an uncertain regulatory landscape and are rapidly evolving in not only the United States but also in many foreign jurisdictions. The adoption of laws and regulations that affect the industry could ultimately have a negative impact or impede the growth of the companies the fund invests in.
Investments in foreign securities and depositary receipts are subject to special risks including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets; political, regulatory risks; and foreign market and trading risks. Depositary receipts represent shares of foreign based corporations and may be less liquid than the underlying shares in their primary trading market.
The Fund may invest in companies that have recently completed an IPO (initial public offering), are derived from a SPAC (Special Purpose Acquisition Company) or result from a Reverse Merger. These companies may be unseasoned and lack a trading history and track record. IPOs and stocks derived from SPACS or Reverse Mergers are thus often subject to extreme price volatility and speculative trading.
The fund invests in micro-, small-, and mid-capitalization sized companies which could have less liquidity and lower-trading volumes which tend to make their market price fall more in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.
The Fund’s crypto mining investments will be screened with clean energy criteria. Given the high energy usage of the crypto mining industry, the Sub-Adviser will evaluate crypto mining companies by focusing on their actions that will reduce the negative environmental impacts of mining. The Sub-Adviser will also consider purchased carbon offsets and other actions promoting environmental sustainability. There can be no assurance that this strategy will be successful for the Fund.
The Fund is non-diversified, which means that it may invest more of its assets in the securities of a single or smaller number of issuers than if it were a diversified fund. The Fund was recently organized with limited operating history and track record on which to base an investment decision.
The Funds are distributed by Quasar Distributors, LLC. The Sub-Adviser (Viridi Funds) provides clean energy screening.
The RIGZ ETF is distributed by Quasar Distributors, LLC