Crypto Mining ETF Focused On Green Energy Launches On NYSE

Investment firm Viridi Funds has launched an environmentally friendly, crypto mining-focused exchange-traded fund (ETF). The fund aims to invest in crypto mining firms using cleaner sources of energy.

Viridi Funds’ New RIGZ ETF

The ETF dubbed the Viridi Cleaner Energy Crypto-Mining and Semiconductor ETF will trade on the New York Stock Exchange’s Arca platform under the symbol ‘RIGZ.’

According to the announcement, Viridi Funds will serve as a sub-adviser to the fund, with Alpha Architect creating the fund’s infrastructure.

The ETF, which has an expense ratio of 0.9%, was first filed by Viridi in April this year.

Viridi said 80% of the fund’s investment would go to publicly traded miners, while 20% would go towards semiconductors that take advantage of clean energy. The fund would only invest in miners who have switched to nuclear or renewable energy sources or are working on offsetting their carbon emissions with carbon credits.

According to the CEO of Viridi Funds, Wes Fulford, the firm would use an internal proprietary screening algorithm to select the companies based on their current and planned energy source.

Viridi Funds is backed by several investors, including CoinShares, Alameda Ventures, Luxor Technology, Fundamental Labs, and Mechanism Capital.

Fulford commented on the recent movement of miners from China to North America. He said this was good news as North American miners have access to renewable energy sources.

“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.”

With the migration of Chinese miners to North America, the country now accounts for nearly 17% of all global Bitcoin mining, CNBC reports.

Viridi’s ETF Amid Calls For Clean Energy

Viridi’s new product launch is part of the growing efforts of institutions in focusing on environmental, social, and governance (ESG) issues.

Several partnerships have been formed lately by US crypto mining firms to make Bitcoin mining more environmentally friendly. Last week, Bitcoin miner Cleanspark partnered with ESG focused miner Coinmint to increase scalability.

Other companies like Hut 8 and Hive Blockchain have also signed deals recently purchasing new machines to increase their hashrate.

For months, all the buzz has been about Bitcoin exchange-traded funds. While countries like Canada and Brazil have already listed Bitcoin ETFs in their stock exchanges, the US is yet to approve any.

Viridi’s ETF differs because it will not invest directly in cryptocurrencies but will likely have indirect exposure to Bitcoin, Ethereum, and other cryptocurrencies. This is because many publicly listed miners have these assets on their balance sheets.

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Author: Jimmy Aki

Rothschild Investment Increases its GBTC Holdings by 268% and ETHE by 5.2%

Financial services company Rothschild Investment has yet again increased its Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) holdings.

In Q1 2021, Rothschild increased its GBTC exposure by 26% and in Q2, the multinational investment bank further raised it by 268.76% as it reported owning 141,405 shares of GBTC as of June 30, according to the filing with the US Securities and Exchange Commission (SEC).

Rothschild also increased its ETHE exposure which it first bought in Q1 of 2021.

The latest filing reported 279,119 shares of ETHE owned by the company, up from 265,302 shares in March, representing an increase of a mere 5.2%.

GBTC is currently heavily discounted trading at a negative premium of 13.44% while ETHE is trading at a 10.7% discount, as per Bybt.

Rothschild’s clients include wealthy families, high-net-worth individuals, local entrepreneurs, family holding companies, foundations/endowments, retirement accounts, and multi-generational trust accounts.

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Author: AnTy

Brazil Approves its First Ethereum ETF

Blockchain investment firm QR Capital’s Ether exchange-traded fund (ETF) has been approved by Brazil’s Securities and Exchange Commission (CVM).

This first Ether ETF approval of the country comes just three weeks after their first Bitcoin ETF went public on the Brazilian Stock Exchange, which was approved in March.

QETH11 “will be listed on the B3, which becomes the 1st exchange in Latin America to have a 100% Ethereum ETF,” announced the firm on Twitter on Wednesday. The date of listing hasn’t been set yet.

This week, another manager Hashdex announced its Bitcoin ETF BITH11, which bets on neutralizing the carbon footprint of mining bitcoin acquired by the fund. It will be listed on the Brazilian stock exchange in the first half of August.

Brazil has also approved an ETF, HASH11, that invests in a basket of cryptocurrencies.

Meanwhile, QR Capital’s Ether ETF will track the same Ethereum index used by the CME Group, the CME CF Ether Reference Rate. QR Asset Management said.

“The Brazilian investor now has the possibility of exposure to the two largest and most valuable digital assets in the world, in a regulated, simple and secure manner. It is no longer necessary to register in exchanges, create private keys or worry about secure custody.”

QR Capital will use crypto exchange Gemini’s crypto custody solution to store digital assets.

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Author: AnTy

Crypto Bull Cathie Wood’s Ark Investment and 21Shares File for A Bitcoin ETF

Cathie Wood’s Ark Investment is interested in a Bitcoin exchange-traded fund (ETF).

Ark’s total ETF assets under management are currently at $47.8 billion, up from a 2021 low of $42.6 billion at the end of last month. Wood’s firm has taken in $15.8 billion in fresh cash this year.

After buying the latest dips on Coinbase (COIN) and Grayscale Bitcoin Trust (GBTC) shares, Ark seeks to lend its name to a Bitcoin ETF.

The ETF is called “ARK 21Shares Bitcoin ETF,” which will trade under the ticker ARKB. It will be tracking the performance of the world’s largest cryptocurrency as measured by the S&P Bitcoin Index.

Lukka Inc. is the data provider and calculation agent for the Index with the current exchange composition of the Index, including Binance, Bitfinex, Bitflyer, Bittrex, Bitstamp, Coinbase Pro, Gemini, HitBTC, Huobi, Kraken, KuCoin, and Poloniex.

US-based 21Shares is an affiliate of Zug, Switzerland-based 21Shares AG, which is listed as a sponsor of the proposed ETF in the SEC filing Monday. For this, Ark Investment will be providing marketing assistance.

“This makes a lot of sense because Cathie is on the board of 21Shares, which is a big progressive crypto issuer in Europe,” said Eric Balchunas, ETF analyst for Bloomberg Intelligence.

“This gives 21Shares penetration in the U.S. and it’s on-brand for Ark given how vocal and bullish they’ve been on crypto.”

Wood joined the board of Amun Holdings, the parent company of 21Shares, in May after personally investing in the company.

Regulators, however, have yet to approve a single Bitcoin ETF in the US while several have been filed with the Securities and Exchange Commission (SEC), which recently said that it was seeking more public comment on one such proposal.

“I don’t know if it increases the chances of it getting approved, but because she does have a loyal investor following when a Bitcoin ETF does get approved, she wants to be in the race,” said Mohit Bajaj, director of ETFs at WallachBeth Capital.

Wood’s ARK Next Generation Internet ETF (ARKW) holds GBTC. Should this Bitcoin ETF get approved, Wood can swap out of GBTC to hold shares of her own ETF, Balchunas said. Grayscale itself is planning to convert its closed-ended fund into an ETF.

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Author: AnTy

VanEck’s CEO Calls for Bitcoin ETF Approval Amid Intense Customer Demand

Following another delay in the approval of the VanEck Bitcoin exchange-traded fund (ETF), the CEO of the investment firm has called for a prompt decision.

In a recent interview with CNBC, Jan van Eck urged the Securities and Exchange Commission (SEC) to approve a Bitcoin ETF due to the high customer demand.

SEC Continues Delay In Approving VanEck’s Bitcoin ETF

Last week, the SEC postponed its decision on approving VanEck’s Bitcoin ETF for the second time.

The agency extended the review process till August 2021 while requesting public comments on the proposed rule change and if the ETF would be vulnerable to market manipulation.

During the interview on CNBC’s ETF Edge, van Eck highlighted the growing demand for a Bitcoin ETF, adding that investors are asking for a more efficient means of trading the premier digital asset.

The CEO also took a shot at the Grayscale Bitcoin Trust, the largest bitcoin-related fund on the market. He said that the only alternative to a Bitcoin ETF in the US is a closed-end fund that trades it at a 40% premium or 20% discount. VanEck added,

“Bitcoin futures … aren’t any better because of the shape of the futures curve. There’s a futures-based fund that underperformed bitcoin by 22% last year and 8% this year.”

Speaking on the frequent delays, VanEck said the April extension was only an artificial deadline. According to him, the SEC chairman was unwilling to prioritize or make a decision regarding a Bitcoin ETF.

Van Eck’s comments come amid his company’s continual attempt to have an exchange-traded product approved in the US.

The global investment firm currently has two ETF proposals with the SEC awaiting approval, a Bitcoin ETF and an Ethereum ETF.

VanEck filed the Bitcoin ETF last year intending to work alongside Chicago Board Options Exchange (Cboe) on the proposed offering.

The Ethereum ETF, which is the first Ethereum ETF proposal in the US, was filed earlier this month. VanEck’s goal for this ETF is to expose retail and institutional traders to ETH without directly investing.

Meanwhile, the SEC has also delayed in approving ETFs from firms like WisdomTree, Kryptoin, and Fidelity Investments.

VanEck Files New Prospectus For A Bitcoin Futures Mutual Fund

As VanEck waits for the SEC’s final decision on its Bitcoin ETF, the firm decided to also file another draft prospectus for a BTC Futures Mutual Fund.

Dubbed the “Bitcoin Strategy Fund,” the fund is aimed at investing in BTC futures contracts, pooled investment vehicles, and ETPs with exposure to the largest cryptocurrency.

According to the prospectus, the fund will invest in Bitcoin futures through a subsidiary in the Cayman Islands, and the portfolio will be managed by Gregory Krenzer.

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Author: Jimmy Aki

FTC Data Reveals Big Jump In Crypto Investment Scams, Losses Totaling M

FTC Data Reveals Big Jump In Crypto Investment Scams, Losses Totaling $80M

A new consumer protection data spotlight from the U.S Federal Trade Commission (FTC) revealed that consumers lost more than $80 million to cryptocurrency investment scams since October 2020.

Millennials Lost More Money to Scams

Data compiled from the last quarter of 2020 and the first quarter of 2021 showed that almost 7,000 investors were swindled by scammers who lured them into bogus crypto investment opportunities.

The report notes:

“Sites use fake testimonials and cryptocurrency jargon to appear credible, but promises of enormous, guaranteed returns are simply lies. These websites may even make it look like your investment is growing. But people report that, when they try to withdraw supposed profits, they are told to send even more crypto – and end up getting nothing back.”

The median amount lost to the investment scams and reported by these consumers was $1,900. According to the FTC, this figure is about twelve times the number of reports and nearly 1,000% more in reported losses compared to the same period earlier.

This year has seen a turnaround in the cryptocurrency scene as the hype around digital assets has spiraled. This has seen scammers taking advantage and cash in on the buzz, thereby luring people into bogus investment opportunities.

Young people have been more on the receiving end. According to the FTC, those in their 20s and 30s lost more money to investment scams than any other form of fraud over the six months, with more than half of their investment scam losses in crypto assets.

Investors Were Duped Elon Musk Crypto Identity Scams

One of the most common forms of crypto scam is when con artists pose as celebrities or renowned figures and promise to multiply the cryptocurrency that investors send to their wallets but pocket it instead.

According to the FTC, scammers impersonating Elon Musk were on the rise as consumers reported losing more than $2 million in such scams since October.

This isn’t the first time that scammers would exploit the Tesla CEO’s identity.

Earlier this month, scammers made $5 million worth of Dogecoin through fake giveaways using Elon Musk’s appearance on the Saturday Night Live show hosted on May 8. The scammers tricked the victims into transferring Dogecoin to a fake address with the belief that they would receive twice the Dogecoin they sent.

In 2020, crypto scammers took over prominent accounts on Twitter to dupe hundreds of crypto investors. The accounts targeted in the scam include US President Joe Biden, Barack Obama, Jeff Bezos, and Bill Gates.

The scammers reportedly used the high profile accounts to post tweets asking followers to send bitcoin to a specific anonymous address. They received 400 payments in Bitcoin, making a total value of at least $121,000.

The FTC has repeatedly advised investors to steer clear investments that promise guaranteed huge returns or claims that your cryptocurrency will be multiplied because they are usually scams. To help DOGE scams, the FTC also says investors should be wary of any callers, supposed love interests, organizations, or anyone else who insists on crypto.

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Author: Jimmy Aki

Crypto Investment Firm Valour Unveils Cardano (ADA) and Polkadot (DOT) ETPs

Crypto Investment Firm Valour Unveils Cardano (ADA) and Polkadot (DOT) Exchange-Traded Products (ETPs)

Cayman island-based company, Valour Structured Products Inc, has joined the litany of companies launching exchange-traded products (ETPs)

Valour Launches Cardano And Polkadot ETPs

The digital asset investment firm revealed its two new ETPs, dubbed the Valour Cardano SEK ETP and the Valour Polkadot SEK.

According to the announcement, the Valour Cardano SEK ETP has been listed on the Nordic Growth Market (NGM) stock exchange today under the ticker CH111478796. On the other hand, the Valor Polkadot SEK would launch later this month under the code CH1114178770.

Valour had rolled out its Bitcoin (BTC) and Ethereum (ETH) ETPs called Bitcoin Zero and Ethereum Zero prior to this.

According to Valour CEO Diana Biggs, the unveiling of the Cardano and Polkadot ETPs follows the success of the Bitcoin and Ethereum ETPs, which led to investors demanding more digital asset products.

“With the increasing development and understanding of these technologies, we’re thrilled to bring investors the most cost-effective and secure way to access investment in innovative protocols like Cardano and Polkadot.”

The CEO of DeFi Technologies, Wouter Witvoet, noted that Valour is focused on helping investors navigate the regulatory constraints in the crypto space by making it easier for them to access credible cryptocurrency investment opportunities.

Valour is a subsidiary of DeFi Technologies Inc. The issuer focuses on rolling out exchange-listed financial products that enable investors to gain exposure to popular digital assets simply and securely.

Cardano And Polkadot Enjoying Rising Global Demand

Cardano (ADA) and Polkadot (DOT) currently rank among the top ten cryptocurrencies by market cap. While Cardano has a market cap of $65 billion, Polkadot stands at $37 billion.

The altcoins are undoubtedly among the hottest altcoins in the crypto market right now as the crypto bull market continues to roar on.

The ADA coin has seen a lot of positive news surrounding it lately, one of which is the listing on Coinbase Pro.

In the same vein, Polkadot (DOT) has had a good run this year. DOT began the year strongly as its price rallied over 700% into the February high, securing its position as one of the largest cryptocurrencies.

It is no surprise that crypto ETP issuer 21Shares also has Polkadot and Cardano ETPs. 21Shares listed the DOT ETP in February 2021, while the ADA ETP launched in April, both on the Swiss SIX exchange.

At press time, ADA is trading at $2.08, while the DOT coin trades at $39.85.

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Author: Jimmy Aki

Fidelity Launches Digital Asset Analytics Tool For Institutional Investors

Financial services firm Fidelity investment has launched a digital assets analytics platform for institutional investors.

Fidelity’s Sherlock To Guide Institutional Investors

Fidelity named the platform Sherlock, which is a digital assets analysis tool that will provide fundamental and technical analysis for fund managers and investors.

According to the firm, Sherlock will collate valuable pieces of information on the blockchain, market, social sentiment analysis, as well as industry news into a single portal.

The platform will also research crypto-assets relying on quality institutional data providers coupled with the provision of unique analytics to guide investors.

Fidelity’s Sherlock is expected to provide much-needed competition against existing solutions produced by companies like Messari.

In 2018, Messari launched a data solution service and had gained valuable recognition worldwide by integrating with Kaiko’s Rest API.

Other giant forces to be reckoned with in the provision of data and analytics are Dune Analytics, Glassnode, Skew, Coin Metrics, and Santiment.

Speaking on the new development, Kevin Vora, Vice president, Product Management, Fidelity Center for Applied Technology (FCAT), said Sherlock would deliver comprehensive data and deep analytics as clients will no longer face numerous irrelevant resources.

Fidelity Dominating the Crypto Space

Besides developing Sherlock to help institutional investors, Fidelity investment has been making significant contributions to the crypto space.

Earlier, Fidelity Charitable, the charitable arm of the mutual fund giant, reportedly raised $28 million in cryptocurrency donations.

The acceptance of cryptocurrencies as part of donations for the non-profit was a welcome development in the crypto space.

More importantly, the investment firm plans to launch its bitcoin exchange-traded fund (ETF) for digital assets and virtual currency, per Form S-1 filed with the Securities and Exchange Commission.

While SEC is yet to approve any firm to date, Fidelity might be feeling lucky due to its track record in the traditional finance space.

Given the prevalence of existing data and analytics solutions for institutional investors, observers will be eager to see if the newly introduced Sherlock solution by Fidelity investment will also turn things around.

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Author: Jimmy Aki

Century-old Baillie Gifford Makes Single Largest $100 Million Investment in Blockchain.com

Century-old Baillie Gifford Makes Single Largest $100 Million Investment in Blockchain.com

This latest investment from the UK-based money manager, which is known for its early bets on Tesla, Amazon, and Google, is seen as another sign of approval from institutional investors for digital assets.

Baillie Gifford & Co. has invested $100 million in Blockchain.com.

The Edinburgh-based money manager known for early bets on technology stocks like Tesla, Amazon, and Google participated in the latest funding round for the crypto start-up.

This $100 million makes Baillie Gifford the single largest investor in the company today, which according to company founder and CEO Peter Smith, is another stamp of approval from institutional investors for digital assets.

“As one of their first investments in a crypto company, we’re honored to include them on our journey.”

“It’s also a validation that a balanced and diversified retail/institutional business has incredible growth potential in the coming years.”

Just last month, Blockchain.com raised $300 million in a Series C funding round with a valuation of $5.2 billion.

UK-based crypto wallet provider has processed more than $620 billion in transactions since 2013 and boasts of 71 million wallets.

Baillie Gifford, which oversees $445 billion in assets, was founded over a century ago is one of the largest outside investors in Elon Musk’s electric carmaker, which has invested $1.5 billion in Bitcoin and accepts BTC as payment for its cars.

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Author: AnTy

Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading

Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading

Social investment platform, eToro adds Chainlink (LINK), a decentralized oracle network, and Uniswap (UNI), a decentralized exchange token to its platform bringing the total number of cryptocurrencies to 18. The two tokens join Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Tezos (XTZ) on the eToro trading platform.

This move marks eToro’s involvement in the booming decentralized finance (DeFi), which has grown to over $55 billion in total locked value (TVL), according to DeFi Pulse. Uniswap currently places as the third-largest DeFi protocol on DeFi Pulse with $5.65 billion locked on the DEX while LINK’s ubiquitous nature sets it apart from every decentralized oracle in the industry.

Despite lagging behind in listing cryptocurrencies, Doron Rosenblum, VP of Business Solutions at eToro, believes “now is the right time to add tokens” as investor appetite for cryptos reaches fever pitch.

“Both LINK and UNI have interesting use cases and remind us that not all cryptos are designed to be currencies.”

“Chainlink is an important project that aims to overlay internet data with information stored on the blockchain and Uniswap is a critical part of the crypto trading infrastructure.”

eToro has seen magnificent growth since launching its first crypto products in 2013. In its plans to expand, the company is planning to go public through a merger with special purpose acquisition company (SPAC) FinTech Acquisition Corp. in a $10.4 billion valuation deal. The company boasts of 20 million customers across the world enjoying zero-commission trading o crypto.

Rosenblum further stated the social trading app is looking forward to adding more cryptocurrencies across the year.

“We will continue to find ways to open up this sector to more people, including adding more tokens later this year.”

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Author: Lujan Odera