KanawatTH Viridi Funds announced that the Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (NYSEARCA:RIGZ) will liquidate and de-list from the New York Stock Exchange. RIGZ was actively managed and provided market participants with exposure to the cryptocurrency mining industry and indirect exposure to crypto-assets such as Bitcoin (BTC-USD) and Ethereum (ETH-USD). RIGZ, which jumped out of the gates with a 15% rally in its first 48 hours of trading, caught a wave of upward momentum from the crypto craze.
The fund soared 133% in its first four months of trading, alongside Bitcoin's peak. However, since the fund topped out at $56.63 a share on Nov. 9, 2021, it has plummeted to $4.07 a share.
This equates to a 92.8% plunge. RIGZ, with its 0.90% expense ratio, has been bogged down in 2022 amid the general crypto collapse. Some of its top holdings include Riot Blockchain (NASDAQ:RIOT), CleanSpark (CLSK), Bitfarms (BITF), and Hut 8 Mining Corp.
(HUT), which have all cratered in 2022. Year-to-date and RIOT is -82.6%, CLSK -79.6%, BITF -90.7% and HUT -88.2%. RIGZ will cease trading and will be closed to purchase additional shares by investors as of the close on Jan.
4, 2023. Regarding its liquidation, Viridi Funds noted in a press release: 'The fund will liquidate its assets and distribute cash pro rata to all shareholders of record who have not previously redeemed or sold their shares, subject to any required withholding.' See further details about the liquidation and de-listing of RIGZ.