Tariff volatility rocked markets for much of the second quarter, creating pressure on U.S. bonds and equities. In the challenging environment, rife with uncertainty and investor concern, a handful of funds generated significant performance. One such fund, the CoinShares Valkyrie Bitcoin Miners ETF (WGMI ), is up almost 50% as the end of the second quarter draws near.
The search for diversification opportunities in a difficult macro environment for stocks and bonds alike have many investors turning to alternatives. WGMI allows investors to harness bitcoin interest and momentum through the familiarity of equities via bitcoin miners. The fund offers pure-play exposure to bitcoin miners in North America and soared 47.22% on a price return basis between April 1 and June 18, 2025, according to Y-charts data.
The strategy invests in those companies earning at least half their profits or revenue from bitcoin mining. The fund invests in companies providing hardware, software or services to bitcoin mining companies. Additionally, the strategy seeks companies that manufacture specialized chips used in bitcoin mining. WGMI does not invest in bitcoin.
Concerns over tariff impacts on bitcoin mining rigs initially spiked as Chinese companies dominate bitcoin mining rig manufacturing. However, Reuters reports that the largest players (Canaan, Bitmain, and MicroBT) have all made at least preliminary moves to manufacturing in the U.S. This could mitigate tariff risks, but other China-centric U.S. policy concerns remain.
“The U.S.-China trade war is triggering structural, not superficial, changes in bitcoin’s supply chains,” Guang Yang, chief technology officer at Conflux Network, told Reuters. These changes could help to shift the current supply imbalance as Chinese companies provide 90% of mining rigs.
Bitcoin has a finite amount of supply (21 million), with halving events approximately every four years. The most recent occurred in April 2024. Each halving reduces the amount of bitcoin paid for creation of new blocks, cutting supply in half. This means that over time, bitcoin miners will earn less. Instead, they’ll rely more on transaction fees earned for their efforts.
WGMI is managed by a team of industry experts on both cryptocurrencies as well as the finance sector. The strategy utilizes this expertise when seeking bitcoin mining companies and those in related industries. Investors are able to harness the fund manager’s knowledge of the technical, operational, and commercial workings of the bitcoin mining industry when investing in the fund.
WGMI carries an expense ratio of 0.75%.
For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.
