CoinShares Bitcoin Mining ETF
WGMI
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- CoinShares Bitcoin Mining ETF (WGMI) is an actively managed exchange-traded fund listed on Nasdaq that provides investors with targeted exposure to the bitcoin mining sector without direct investment in bitcoin. The fund allocates at least 80% of its net assets to securities of companies deriving at least 50% of their revenue or profits from bitcoin mining operations or from supplying specialized chips, hardware, software, or other services to bitcoin mining firms; key holdings include Cipher Mining Inc. (CIFR), IREN Ltd. (IREN), Terawulf Inc. (WULF), Bitfarms Ltd. (BITF), Riot Platforms Inc. (RIOT), Applied Digital Corp. (APLD), HUT 8 Corp. (HUT), Core Scientific Inc. (CORZ), Cleanspark Inc. (CLSK), and Hive Digital Technologies Ltd. (HIVE). Launched on February 7, 2022, and domiciled in the United States, WGMI is advised by Valkyrie Funds LLC with Vident Asset Management as sub-advisor, and it emphasizes companies utilizing renewable energy sources such as wind and hydropower. In 2025, the fund underwent a significant name change to incorporate CoinShares following an acquisition, previously operating as CoinShares Valkyrie Bitcoin Miners ETF; this rebranding took effect around October 31, 2024. WGMI has pivoted strategically amid industry shifts, with nearly 40% of its portfolio now linked to holdings pursuing AI and cloud infrastructure deals, including Iris Energy's $9.7 billion five-year AI contract with Microsoft involving NVIDIA and Dell Technologies, and Cipher Mining's $5.5 billion 15-year co-location agreement with Amazon Web Services alongside a 1 GW data center expansion in West Texas. Other portfolio companies like TeraWulf and CleanSpark have advanced data center initiatives, diversifying revenue beyond pure bitcoin mining and contributing to WGMI's 74.7% year-to-date gains as of late 2025. The ETF targets institutional and retail investors seeking regulated access to North American bitcoin mining leaders and related infrastructure providers, operating primarily through U.S.-listed equities and ADRs with a total expense ratio of 0.75% and assets under management exceeding $275 million as of December 2025.