CoinShares’ Bitcoin Mining ETF Leads Losses in 2025, Down Over 40%
The Valkyrie Bitcoin Mining ETF (WGMI), managed by CoinShares, has earned the unfortunate title of the worst-performing ETF of 2025 so far, plunging 43% year-to-date, according to Bloomberg ETF analyst Eric Balchunas.
Composed of publicly listed bitcoin mining firms, WGMI has been dragged down by steep losses across its top holdings. Leading the slide is IREN, which makes up 15% of the fund and has dropped 42%. Core Scientific (14% allocation) is down 48%, while Cipher Mining (9.6%) has lost over 50%. Even chipmaker NVIDIA, which comprises 5% of the ETF, is down more than 20%.
The ETF targets companies deriving at least half of their revenue from bitcoin mining or related services, with 21 total holdings and $147.2 million in assets under management.
Bitcoin mining firms have struggled this year amid surging network difficulty and rising hash rates—now near all-time highs of 832 EH/s—while transaction fees remain low, crimping profitability. Despite bitcoin’s strong price action, many miners are unable to keep up with mounting operational pressures.
In stark contrast, gold mining ETFs have outperformed in 2025, with several ranking among the top five globally. The Equity World Basic Materials DAXglobal Gold Miners ETF, for example, is up 38% year-to-date.
As the crypto mining landscape becomes more competitive and costly, WGMI’s decline reflects broader concerns over the sector’s sustainability in current market conditions.
