Return of the CoinShares exchange-traded fund based on miner stocks set an anti-record for 2025 with a -43% return

What’s new? Bloomberg analyst Eric Balchunas has found that the Valkyrie Bitcoin Mining exchange-traded fund (ETF) under the ticker WGMI from the investment company CoinShares currently shows the worst 2025 returns among all ETFs. Thus, since the beginning of the year, the value of its shares has fallen by 43%.

Source: X.com

What else is known? WGMI mainly includes shares of bitcoin mining companies. The largest share in the fund’s portfolio (15%) is occupied by the Australian miner Iris Energy with a capitalization of $1,32 billion, whose securities under the ticker IREN have fallen in value by 45% since the beginning of the year.

The second-largest asset in the fund’s basket with a 14% share is CORZ shares of Core Scientific, a US miner with a capitalization of $2,2 billion, which lost 48% of its value in 2025. In third place with a share of 9,6% are CIFR securities of the US miner Cipher Mining with a capitalization of $830 million, they fell in price by 52% over the same period.

Even shares of NVIDIA (NVDA), the sixth-largest asset in WGMI’s portfolio with a 5% stake, fell more than 20%.

According to its investment strategy, WGMI “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.” In total, WGMI’s portfolio includes 21 assets, with total assets under management of the fund totaling $147,2 million.

Bitcoin mining difficulty has hit a new record above 110 T

The indicator has been growing for eight consecutive recalculation cycles

Read more

Miners have faced challenges this year as the network’s hashrate continues to rise, hovering around the record high of 832 EH/s, while the value of the first cryptocurrency has fallen 15% since the beginning of January. This has created a noticeable discrepancy between bitcoin’s price and hashrate.

As a result, the difficulty of mining has also remained close to peak, making it difficult to successfully mine new bitcoins. Meanwhile, transaction fees remain low, further reducing the profitability of industry companies.

Solo miner with a 480 GH/s device solved an entire block of Bitcoin blockchain and earned $263 000

Industry participants with such low-powered devices have extremely low chances of single block mining

Read more

Hashrate is the total computational power in the bitcoin network. The mining difficulty determines the amount of computing power it takes to find a new block in the blockchain. The parameter changes every 2016 blocks, or about once every two weeks. This ensures that the time it takes to find a block is around 10 minutes.