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CoinShares' Bitcoin Mining ETF Is the Worst Performing Fund of This Year
IREN, the ETF’s top holding at 15%, is down more than 40% year-to-date.
Mar 31, 2025, 10:40 a.m.
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What to know:
- The Valkyrie Bitcoin Mining ETF (WGMI) is the worst-performing ETF of 2025, down 43% year-to-date.
- Top holding IREN, with a 15% weight in the fund, has declined over 40% YTD, contributing significantly to the ETF’s poor performance.
- Metal ETFs are among this year’s top performers, with several gold mining funds ranking in the top five.
CoinShares' Valkyrie Bitcoin Mining (WGMI) exchange-traded fund (ETF) is the worst-performing ETF of 2025, down 43% year-to-date, according to Senior Bloomberg ETF analyst Eric Balchunas.
The ETF is made up of several publicly traded bitcoin miners. IREN (IREN) is the largest holding at 15%, which is down 42%. Core Scientific (CORZ) follows with a 14% weighting and a 48% decline, while 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 year.
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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 total assets.
In contrast, metals ETFs have been the top performers of 2025, according to justETF. Several gold mining ETFs rank in the top five, with the Equity World Basic Materials DAXglobal Gold Miners ETF up 38% year-to-date.
Bitcoin miners have faced significant challenges this year, as the network hash rate—representing the computational power required to mine bitcoin—continues to climb, hovering near all-time highs around 832 EH/s. This has created a notable divergence between bitcoin’s price and the hash rate.
As a result, mining difficulty has also remained close to its peak, making it harder for miners to successfully mine new bitcoins. At the same time, transaction fees are extremely low, further squeezing miner profitability as rewards from processing transactions remain minimal.
Higit pang Para sa Iyo
Bitcoin could fall to $10,000 as U.S. recession risk builds, Mike McGlone says
McGlone links bitcoin’s downturn to record U.S. market cap-to-GDP levels, low equity volatility and rising gold prices, warning of potential contagion into stocks.
Ano ang dapat malaman:
- Bloomberg Intelligence strategist Mike McGlone warns that collapsing crypto prices and a potential bitcoin slide toward $10,000 could signal mounting financial stress and foreshadow a U.S. recession.
- McGlone argues the post-2008 "buy the dip" era may be ending as crypto weakens, stock market valuations sit near century highs relative to GDP, and equity volatility remains unusually low.
- Market analyst Jason Fernandes counters that a drop to $10,000 bitcoin would likely require a severe systemic shock and recession, calling such an outcome a low-probability tail risk compared with a milder reset or consolidation.
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