CoinShares’ Bitcoin Mining ETF Down 43% Year-to-Date, Worst Performer of 2025
CoinShares' Valkyrie Bitcoin Mining ETF (WGMI) is the worst-performing ETF of 2025, down 43% year-to-date. Key details include:
- Largest holding: IREN at 15%, down 42%
- Core Scientific (14%) down 48%
- Cipher Mining (9.6%) down 52%
- NVIDIA (5%) down over 20%
The ETF invests in companies deriving at least 50% of revenue from bitcoin mining operations or related services and manages $147.2 million in assets.
In contrast, metals ETFs are performing well, with the Equity World Basic Materials DAXglobal Gold Miners ETF up 38% year-to-date.
Bitcoin miners face challenges due to a high network hash rate around 832 EH/s, leading to increased mining difficulty and low transaction fees, impacting profitability.