CoinShares’ Bitcoin Mining ETF Becomes 2025’s Biggest Loser Amid Industry Struggles
The Valkyrie Bitcoin Mining ETF (ticker: WGMI), managed by CoinShares, is currently the worst-performing ETF of 2025, posting a steep 43% year-to-date decline, according to Bloomberg Senior ETF Analyst Eric Balchunas.
WGMI, which tracks publicly listed bitcoin (BTC) mining companies, has taken a hit across nearly all of its major holdings. Leading the pack is IREN (Iris Energy), which makes up 15% of the ETF and has dropped 42% since the start of the year. Core Scientific (CORZ), the second-largest holding at 14%, has fallen 48%, while Cipher Mining (CIFR), with a 9.6% weight, is down 52%. Even tech giant NVIDIA (NVDA), which ranks sixth in the portfolio at 5%, has seen a 20% dip.
The ETF targets companies generating at least half their revenue or profits from bitcoin mining operations or providing essential mining infrastructure like chips, hardware, and software. WGMI currently holds 21 assets and manages around $147.2 million.
Meanwhile, the broader market tells a different story. Gold and metals-focused ETFs have soared, with several ranking in the year’s top five performers. The Equity World Basic Materials DAXglobal Gold Miners ETF, for instance, has jumped 38% year-to-date, according to justETF.
Bitcoin miners have found themselves in a tough spot this year. Despite bitcoin’s steady price levels, mining profitability is getting crushed. The Bitcoin network’s hash rate is hovering near record highs around 832 exahashes per second (EH/s), driving up mining difficulty. On top of that, transaction fees remain low, leaving miners with thinner margins and reduced block rewards.
The stark divergence between rising operational costs and lackluster miner revenue continues to weigh heavily on mining stocks—and WGMI’s performance is a clear reflection of the pressure in the sector.
