In the early weeks of 2023, one Bitcoin mining exchange traded fund has taken advantage of the rebound in the crypto market to surge more than 100% since the close of last year.
The Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) is showing a 102.9% year-to-date return, helped by a 4.5% push during Monday’s trading session. The fund has been lifted by positive price movements from Bitcoin (BTC-USD), which has climbed above $22K in 2023 with its own 37% YTD gain.
Meanwhile, WGMI’s topside push has received plenty of support from some of the ETF’s top holdings, which include the likes of Bitfarms (BITF), Hut 8 Mining Corp. (NASDAQ:HUT), CleanSpark (CLSK), Riot Platforms (NASDAQ:RIOT) and others.
Investors should be aware that while WGMI has jumped by a triple-digit percentage in less than one month, the fund was also crushed in 2022, cratering 83% last year from $26.20 a share to $4.47 a share.
In Monday’s afternoon trading, WGNI was sitting at $8.65 after touching $9.06 earlier. Even with the recent upswing, the ETF remains about 68% lower for the past 12 months.
WGMI represents a relatively small ETF, only holding $2.64M assets under management.
In related crypto news, Bitcoin recently crossed above $23K for the first time in five months.