WGMI: Mining Economics Continue To Face Challenges
CoinShares Bitcoin Miners ETF shares have plummeted nearly 40% in two months, significantly under-performing both the US equity market and Bitcoin. Miner volume share has spiked to 15% in 2023, highlighting a shift in Bitcoin adoption and a lack of on-chain usage. Despite Bitcoin's price correction, the global hash rate continues to rise, exacerbating the economic challenges for miners due to decreasing block subsidies.
The Fundamental Drivers of Bitcoin to CoinShares
Bitcoin was a hot topic at the recently concluded Exchange conference in Las Vegas. So I connected with Matthew Kimmel, digital assets research analyst at CoinShares, to learn more.
Bitcoin Miners Are Getting Really Cheap to Own
For some investors, owning individual bitcoin mining equities can be a double-edged sword. On one hand, these stocks, like bitcoin itself, can be volatile and prone to significant percentage moves in short time frames.
Buying Opportunity Beckons With Bitcoin Miners
The recent price retrenchment of bitcoin had the predictable impact of pressuring shares of companies that mine the largest cryptocurrency. But at least one an analyst remains constructive on the space.
CoinShares Bitcoin Miners ETF May Benefit From Tailwinds But Still Underperform
WGMI offers indirect Bitcoin exposure through companies focused on mining and related services. If we look at its top three holdings (CORZ, IREN, and CIFR), they make up over 42% of its assets. WGMI also has a high expense ratio of 0.75%, which doesn't seem justified. In fact, it has significantly underperformed its top three assets.
VIDEO: ETF of the Week: WGMI
On this episode of the “ETF of the Week” podcast, VettaFi's head of research, Todd Rosenbluth, discussed the CoinShares Valkyrie Bitcoin Miners ETF (WGMI) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
ETF of the Week: CoinShares Valkyrie Bitcoin Miners ETF (WGMI)
VettaFi's Head of Research Todd Rosenbluth discussed the CoinShares Valkyrie Bitcoin Miners ETF (WGMI) on this week's “ETF of the Week” podcast with Chuck Jaffe of “Money Life.” For more news, information, and strategy, visit the Crypto Channel.
Bitcoin Reserve Could Be Catalyst, But It Could Take Awhile
The specter of trade wars with some of this country's largest trading partners has been a drag on bitcoin in recent days. That's plagued crypto-correlated stocks in the process.
WGMI: Buy The DeepSeek Meltdown?
The release of DeepSeek-R1 has disrupted Wall Street, challenging the dominance of US-based AI firms with its top rankings in app stores. DeepSeek's development cost was reportedly under $6 million, raising concerns about the competitive edge of US tech firms and future capex on AI LLMs. WGMI has significant exposure to Bitcoin mining companies that are either already growing or planning to grow revenue from AI/HPC services.
WGMI: The Bitcoin Mining ETF Pares 2024 Gains, Eyeing An Entry Idea
Bitcoin's historical seasonality shows strong returns from December through February, with a median December gain of 8.6%, supporting optimism for a year-end rally. The CoinShares Valkyrie Bitcoin Miners ETF could benefit from Bitcoin's potential rally, though it currently faces overbought conditions and high volatility. WGMI's portfolio is concentrated, with 50% in its top four holdings, and has a high P/E ratio of 37.5, suggesting caution.
Bitcoin Mining ETF (WGMI) Hits New 52-Week High
For investors seeking momentum, CoinShares Valkyrie Bitcoin Miners ETF WGMI is probably on the radar. The fund just hit a 52-week high and has soared 238% from its 52-week low of $8.91 per share.
Bitcoin Mining ETF WGMI Sees Performance Accelerate
One of the biggest trends looking back on 2024, crypto ETFs, may not be done for the year yet. Spot bitcoin ETFs arrived to broad celebration across the ETF landscape following months and months of regulatory discourse.
