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The Valkyrie Bitcoin Miner ETF (WGMI) was the highest performing non-leveraged cryptocurrency mining fund in the first quarter (Q1) of 2023, growing 107%.
Cryptocurrency: Bitcoin mining ETFs are up 107% in the first months of 2023.
Eric Balchunas commented on these results on his Twitter page as follows:
In the first quarter, the most successful non-binary ETF was $WGMI, a bitcoin mining ETF that was up 107% - a very appropriate ticker for a bitcoin rally after SBF.
The top performing non-leveraged ETF in Q1 was $WGMI, a bitcoin miner ETF that rose 107%, a very appropriate ticker for a post-SBF bitcoin rally.
SEC-approved launch of Valkyrie ETF
It was February 2022 when the ETF in question at WGMI was finally approved by the SEC.
This was a real breakthrough for the entire cryptocurrency world, as this bitcoin mining-based ETF was based on the shares of some large publicly traded bitcoin mining farms.
Thus, it is neither a bitcoin-based spot ETF nor a futures-based ETF. WGMI is based on mining companies that produce using 77% renewable energy.
The description of the Valkyrie Bitcoin Miners ETF at the time it was listed on Nasdaq on February 8, 2022 states that the risk to this ETF could be a negative trend in the price of BTC and the consequences of a possible rejection.
In that sense, recent news as the best performing first quarter of 2023 also reflects a bull market for Bitcoin.
Rao Cash Analytical Expertise: Event Context
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