Markets, Mining, Bitcoin ETF, WGMI IREN, the ETF’s high holding at 15%, is down greater than 40% year-to-date.
CoinShares’ Valkyrie Bitcoin Mining (WGMI) exchange-traded fund (ETF) is the worst-performing ETF of 2025, down 43% year-to-date, in keeping with Senior Bloomberg ETF analyst Eric Balchunas.
The ETF is made up of a number of publicly traded bitcoin (BTC) miners. IREN (IREN) is the biggest holding at 15%, which is down 42%. Core Scientific (CORZ) follows with a 14% weighting and a 48% decline, whereas Cipher Mining (CIFR), the third-largest holding at 9.6%, is down 52%. Even NVIDIA (NVDA), the sixth-largest holding at 5%, has dropped over 20% this 12 months.
According to its investment strategy, “The ETF will invest in companies that derive at least 50% of their revenue or profits from bitcoin mining operations and/or from providing specialized chips, hardware, software, or other services to companies engaged in bitcoin mining.” WGMI consists of 21 holdings and manages $147.2 million in whole property.
In distinction, metals ETFs have been the highest performers of 2025, in keeping with justETF. Several gold mining ETFs rank within the high 5, with the Equity World Basic Materials DAXglobal Gold Miners ETF up 38% year-to-date.
Bitcoin miners have confronted vital challenges this 12 months, because the community hash charge—representing the computational energy required to mine bitcoin—continues to climb, hovering close to all-time highs round 832 EH/s. This has created a notable divergence between bitcoin’s worth and the hash charge.
As a consequence, mining problem has additionally remained near its peak, making it tougher for miners to efficiently mine new bitcoins. At the identical time, transaction charges are extraordinarily low, additional squeezing miner profitability as rewards from processing transactions stay minimal.
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