CoinShares Announces Strategic Investment in Viridi Funds, an ESG-Focused Financial Product Manager

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ST. HELIER, Jersey, May 27, 2021 /PRNewswire/ — CoinShares (Nasdaq First North Growth Market: CS), Europe the largest digital asset investment house with $3.7 billion in AUM, today announced a strategic investment in Viridi Funds (Viridi), an emerging fund manager. CoinShares also revealed that it will take on an advisory role for Viridi, which will launch the first ESG (environmental, social, governance) crypto mining product in the United States.

This investment marks CoinShares’ latest strategic ESG investment, and the company’s role as an advisor to Viridi brings its experienced management team to help bring an innovative new product to the US market. Exchange-traded products (ETPs) are the core of CoinShares business, and asset management revenue from ETPs accounted for 40% CoinShares Q1 Revenuegenerating $24M (£17m) turnover for the three months ended March 31, 2021.

ESG products represent a growing category in global asset management. At the end of 2020, global ESG assets stood at $38 trillionand are about to exceed $53 trillion by 2025.(1) Although demand from European investors has historically dominated the market for ESG-focused investments, US products could bring the next wave of organic expansion. As investor demand for ESG mandates grows, asset managers and investment firms of all types will continue to evolve their portfolios to bring these innovative new products to market.

In recent months, cryptocurrencies have come under intense media scrutiny for their power consumption, but the facts simply don’t match the narrative. CoinShares Search found that over 70% of bitcoin mining is done with renewable energy. On the other hand, the Cambridge Center for Alternative Finance (CCAF) estimated the figure to be closer to 39%which means that the share of bitcoin in renewable energy is almost double of the U.S. energy grid.(2) Through its investment arm, CoinShares Ventures, the company has launched an initiative to actively seek out and fund companies involved in creating sustainable mining infrastructure, including recent investments in mining compass and Green mint. This strategic investment in Viridi will further expand CoinShares’ market leadership in this area and allow the company to respond to emerging customer appetite for these types of products.

Meltem DestroyersChief Strategy Officer at CoinShares, commented on today’s news: “At CoinShares, we believe in a proactive approach to not only identifying dominant market trends, but also acting on those that provide clear incentive to the market. This collaboration with Viridi Funds is in line with our goal of advancing the concept of sustainability globally as well as providing innovative and forward-thinking investment vehicles that make digital assets accessible to individuals and institutions. am excited to bring our years of experience in exchange-traded products and capital markets to this new family of products and look forward to working closely with Wes and the team at Viridi to bring ESG products in the US market and beyond.”

With the help of Luxor Technologies, Viridi combines advanced knowledge of crypto mining economics and public markets with proprietary hashrate valuation principles to power a fundamentals-based investment strategy. Viridi will target investments in global crypto mining operations with leading ESG properties, material efficiency and operational expertise.

“Our team is delighted to welcome CoinShares as an investor and advisor,” commented Wes Fulford, CEO of Viridi Funds. “At Viridi, we are focused on delivering a positive and tangible impact on global cryptocurrency mining markets through an active investment strategy that will help operators become greener. an important and necessary step for the mass adoption of cryptocurrency.”

For more information on the Viridi funds and their launch, visit their websitesubscribe to their mailing list and follow their Twitter and LinkedIn.

(1) Bloomberg Global Intelligence, ESG assets could affect $53 trillion by 2025, one third of global assets under management

(2) Harvard Business Review, Nic Carter, How much energy does bitcoin actually consume

About CoinShares Group

CoinShares is Europe the largest digital asset investment house, managing billions of assets on behalf of a global clientele. Our mission is to expand access to the digital asset ecosystem by creating new financial products and services that provide investors with confidence and transparency when accessing this new asset class. CoinShares is publicly traded on the Nasdaq First North Growth Market under the symbol CS.

For more information on CoinShares, visit: https://coinshares.com

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SOURCE CoinShares Group

SOURCE CoinShares Group

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