WGMI Explodes 52% in One Week Amid Bitcoin Mining Frenzy

The CoinShares Bitcoin Mining ETF (WGMI) has seen explosive growth, rising 52% in just one week. This fund, which invests at least 80% of its assets in companies that generate 50% or more of their revenue from Bitcoin mining operations or related services, has been a top performer in the ETF universe.

WGMI was launched on February 7, 2022, as the Valkyrie Bitcoin Miners ETF before being rebranded under the CoinShares name in late 2024. Its investment mandate is straightforward: at least 80% of assets must be allocated to companies that generate 50% or more of their revenue or profits from Bitcoin mining operations, related services, or mining hardware and software.

The fund's actively managed strategy has led to impressive returns, with a 52-week trading range spanning from approximately $19 to $77. WGMI posted approximately 300% gains in its first full calendar year of existence and returned 78% in Q2 2025. Year-to-date returns as of mid-2026 sit in the range of 70% to 88%, with one-year returns stretching between 230% and 310%. Assets under management have climbed to roughly $400 million.

Bitcoin mining equities function as a leveraged bet on Bitcoin's price without using any actual leverage. When Bitcoin rallies, mining companies see their profit margins expand dramatically because their primary revenue source (newly minted Bitcoin and transaction fees) increases in value while many of their costs, particularly capital expenditures on hardware, remain relatively fixed in the near term.

However, market analysts have characterized WGMI as a high-beta, risk-on investment, frequently outperforming spot Bitcoin during strong market phases. This is due to heightened exposure to operational and regulatory risks endemic to the cryptocurrency market.