At a glance
WGMI charges 0.75% a year, above the 0.54% average of the 8 funds most like it (the 8th cheapest of 9). It has $343.6M in assets, the 3rd largest of that group. Over the past year it returned −48.6% with distributions reinvested (S&P 500: +11.5%), 7th of those 9 funds; over three years it returned +49.2% a year. Its ten largest positions make up 77.1% of the fund, out of 27 in all.
The short version
CoinShares Valkyrie Bitcoin Miners ETF (WGMI) is an actively managed fund. It owns stocks of bitcoin miners and related data center, chip and power companies, but it doesn't hold bitcoin itself. It is concentrated: as of June 30, 2026, it held 27 stocks, with 77% in the top 10. Its 0.75% expense ratio is above the 0.54% average for similar crypto-themed funds, and its price has swung sharply.
Price history
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WGMI -48.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| WGMI official prospectus, to Dec 31, 2025 | — | +72.17% | — | — | — | +10.36% |
| WGMI price data to Oct 27, 2026 | -18.3% | -48.6% | +49.2% | — | — | +1.9% |
- Over the year to Oct 27, 2026, WGMI returned -48.6%, 7th of 9 among similar funds.
- Its worst full calendar year was 2024 (+23.5%); its best was 2023 (+304.2%).
- The deepest fall in its price history was 85.8% (Feb 9, 2022 to Dec 28, 2022), recovered by Nov 11, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -18.3% | — |
| 2025 | +72.5% | +72.17% |
| 2024 | +23.5% | +23.64% |
| 2023 | +304.2% | +304.05% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2024 | $0.0500 | -16.7% |
| 2023 | $0.0600 |
What's inside
As of Jun 30, 2026, the fund held 27 securities; the ten largest made up 77.12% of assets.
| Holding | Weight | |
|---|---|---|
| Cipher Digital Inc | 18.09% | |
| Hut 8 Corp | 10.77% | |
| Keel Infrastructure Corp | 10.70% | |
| IREN Ltd | 10.05% | |
| Riot Platforms Inc | 4.91% | |
| MARA Holdings Inc | 4.76% | |
| Bitdeer Technologies Group | 4.67% | |
| Cleanspark Inc | 4.58% | |
| Hive Digital Technologies Ltd | 4.47% | |
| Digi Power X Inc | 4.11% | |
| Applied Digital Corp | 2.94% | |
| Core Scientific Inc | 2.83% | |
| Terawulf Inc | 2.82% | |
| ChronoScale Corp | 2.16% | |
| Soluna Holdings Inc | 2.01% |
By country
United States 77.42%Australia 10.05%Singapore 4.99%Canada 4.47%Netherlands 1.99%By asset type
Stocks 99.58%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $39.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +38.55%, +41.50%, -7.47%.
How it works
WGMI doesn't track an index. It is actively managed. CoinShares Asset Management (US) LLC is the adviser, and Vident Asset Management is the sub-adviser. At least 80% of net assets must go into what the prospectus calls Bitcoin Mining and Digital Power Companies. To qualify, a company earns at least half its revenue or profits from, or is significantly involved in, one of five areas: bitcoin mining and mining equipment; hyperscale data centers (huge cloud and AI computing sites); chips for data centers and AI; power and energy infrastructure for data centers; or high-performance and quantum computing.
From that group, the adviser picks the companies it thinks are well placed for capital appreciation, meaning a rise in share price. The prospectus sets no weighting formula and no rebalancing schedule. Up to 20% may go into companies that hold large amounts of bitcoin or earn a large share of revenue from bitcoin or data centers. The fund won't buy bitcoin, either directly or through derivatives. It can own US and foreign stocks, including emerging-market stocks and American Depositary Receipts (US-traded shares of foreign companies).
The fund is non-diversified, so a few stocks can make up much of it. As of June 30, 2026, it held 27 stocks. The largest were Cipher Digital at 18.1%, Hut 8 at 10.8%, Keel Infrastructure at 10.7% and IREN at 10.0%. Portfolio turnover was 40%.
What it really costs
- WGMI charges 0.75% a year, versus an average of 0.54% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| WGMI | $77 | $240 | $417 | $930 |
In a retirement portfolio
It is a concentrated, non-diversified bet on bitcoin miners and AI data-center stocks, with very large price swings and no income.
WGMI could add a small, high-risk slice of exposure to bitcoin mining and AI data-center stocks. It launched in February 2022, so it has no record through the 2008 or 2020 crashes. It fell 85.8% between February 9 and December 28, 2022, and needed about 22.5 months from that low to recover, which it did on November 11, 2024. All three of its full calendar years were gains; the weakest was 23.64% in 2024. Still, it lost 42.36% in the first quarter of 2025 alone, and it was down 48.6% for the year ending October 27, 2026. Anyone who had to sell during a slump like that could lock in deep losses. It paid no distributions in the year through October 27, 2026, and it costs 0.75% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, high-risk stake in bitcoin miners and AI data-center operators such as Cipher Digital, Hut 8 and IREN.
- People seeking stock-market exposure tied to bitcoin mining without owning bitcoin, since the fund holds company shares rather than the coin.
- Those who can hold through extreme swings, including 82.9% volatility over one year and an 85.8% drop in 2022.
Look elsewhere if
- Retirees who need income: WGMI paid no distributions in the year through October 27, 2026.
- Cost-focused investors: its 0.75% fee tops the 0.54% peer average, and Schwab Crypto Thematic ETF (STCE) charges 0.30%.
- Anyone wanting broad diversification: it held 27 stocks, with 77% in the top 10, and is concentrated in the information technology sector.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| WGMI this fund | — | 0.75% | $343.6M | -48.6% | +49.2% |
| DAPP VanEck Digital Transformation ETF | 45% | 0.51% | $345.6M | -40.0% | +42.4% |
| BKCH Global X Blockchain ETF | 44% | 0.5% | $277.7M | -49.6% | +38.2% |
| IBLC iShares Blockchain and Tech ETF | 43% | 0.47% | $88.7M | -38.1% | +38.3% |
| STCE Schwab Crypto Thematic ETF | 43% | 0.3% | $269.5M | -48.6% | +39.1% |
| BITQ Bitwise Crypto Industry Innovators ETF | 41% | 0.85% | $411.1M | -29.1% | +46.5% |
| FDIG Fidelity Crypto Industry and Digital Paymen… | 37% | 0.4% | $263.0M | -37.2% | +33.1% |
| DECO SPDR Galaxy Digital Asset Ecosystem ETF | 36% | 0.65% | $20.5M | +5.7% | — |
Questions investors ask
Does WGMI own bitcoin?
No. The prospectus says the fund won't invest in bitcoin, either directly or through derivatives. Instead it owns shares of bitcoin miners and related data center, chip and power companies. Miners earn revenue in bitcoin, so their stocks often move with bitcoin's price. The fund may also put up to 20% into companies that hold large amounts of bitcoin on their balance sheets. That gives it indirect exposure to bitcoin, but not ownership of the coin.
Does WGMI pay a dividend?
No. WGMI paid no distributions in the year through October 27, 2026, so its trailing yield was 0%. Any return comes only from changes in the share price. That matters for retirees who want regular cash from their investments. To get money out of this fund, a holder would have to sell shares, possibly when the price is down.
What's the difference between WGMI and DAPP?
WGMI costs more and focuses more narrowly on bitcoin miners and digital power companies. VanEck Digital Transformation ETF (DAPP) shares the most holdings with WGMI of any similar fund, at 45% overlap. DAPP charges 0.51% a year, compared with WGMI's 0.75%. As of October 27, 2026, WGMI returned -48.6% over one year, versus -40% for DAPP. Over three years, WGMI averaged 49.2% a year and DAPP averaged 42.4%.
What is WGMI's expense ratio?
WGMI's expense ratio is 0.75%, according to its prospectus filed August 18, 2026. That ranks 8th of 9 among similar funds, whose average is 0.54%. The SEC's standard example assumes $10,000 invested with a 5% annual return and shares sold at the end of each period. On that basis, the cost would be about $77 after one year, $240 after three, $417 after five and $930 after ten.
How risky is WGMI?
Very risky. As of October 27, 2026, its one-year volatility was 82.9%, and its beta was 3.91. Beta measures how much a fund moves compared with the market, so 3.91 means its swings were nearly four times as large. WGMI's worst fall was 85.8%, in 2022. Its strongest quarter was a 106.97% gain in early 2023, and its weakest was a 42.36% loss in early 2025. It is also non-diversified.