WGMI
Valkyrie Bitcoin Miners ETF
WGMI provides active exposure to companies that derive at least 50% of their revenue from bitcoin mining operations and/or services related to bitcoin mining.
Global
EQUITY
Active
MANAGEMENT STYLE
477.8 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Fund sponsor | Valkyrie Funds LLC |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 07, 2022 |
| Assets (mns) | $478 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| IRIS ENERGY LTD. | 19.8 % |
| CIPHER MINING INC | 17.3 % |
| BITFARMS LTD. | 8.7 % |
| RIOT BLOCKCHAIN INC | 6.3 % |
| AEROHIVE NETWORKS INC | 5.4 % |
| APPLIED BLOCKCHAIN INC | 5.1 % |
| TERAWULF INC. | 5.0 % |
| HUT 8 CORP | 4.8 % |
| BITDEER TECHNOLO | 4.8 % |
| CORE SCIENTIFIC, INC. | 4.8 % |
Constituent Breakdown
| Number of holdings | 21 |
| Herfindahl-Hirschman Index | 955 |
| Wgt avg mkt cap (mns) | $342,801 |
| Large cap (>$10bn) | 4.9% |
| Mid cap ($2-10bn) | 36.1% |
| Small cap (<$2bn) | 52.8% |
| Developed mkts. | 91.4% |
| Emerging mkts. | 1.5% |
Country Exposure
 |
UNITED STATES | 62.7 % |
 |
AUSTRALIA | 19.8 % |
 |
CANADA | 13.6 % |
 |
CHINA | 0.7 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 158.6% | 170.1% | 145.7% | 96.3% | -- | -- | -- | 23.4% |
| Dividend Yield | 0.0% | 0.6% | 0.7% | 0.4% | -- | -- | -- | 0.2% |
| Total Returns | 158.6% | 170.6% | 146.3% | 96.6% | -- | -- | -- | 23.6% | Ann. Volatility | 77.0% | 81.7% | 83.8% | 82.5% | -- | -- | -- | 81.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 5.09 | 45% |
| MSCI EAFE | 1.79 | 7% |
| MSCI Emg Mkts | 1.17 | 4% |
Liquidity Measures
| Avg. volume (000) | 938 |
| ADV traded (mns) | $54 |
| Turnover | 11.3% |
| Avg. Bid/Ask (% of price) | 0.11% |
Technical Indicators
| Recent close | $57.39 |
| 30d moving avg. | $53.29 |
| Annualized volatility | 98.0% |
| Relative strength (RSI) | 61 |
| Short interest | 7.1% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| BKCH | Global X Blockchain ETF | 63.1% | -25 bp | -3.3% |
| BITQ | Bitwise Crypto Industry Innovators ETF | 57.1% | +10 bp | -1.9% |
| DAPP | VanEck Digital Transformation ETF | 51.2% | -25 bp | 0.0% |
| IBLC | iShares Blockchain and Tech ETF | 44.7% | -28 bp | -1.4% |
| FDIG | Fidelity Crypto Industry and Digital Payments ETF | 37.1% | -36 bp | -0.7% |
| BLCN | Siren ETF Trust Siren Nasdaq NexGen Economy ETF | 35.8% | -7 bp | +3.7% |
| BLOK | Amplify Transformational Data Sharing ETF | 25.2% | 0 bp | +0.3% |
| SATO | Invesco Alerian Galaxy Crypto Economy ETF | 23.8% | -14 bp | -0.6% |
| BLKC | Invesco Alerian Galaxy Blockchain Users and Decentralized Co | 17.3% | -14 bp | +1.8% |
| BWEB | Bitwise Web3 ETF | 16.1% | +10 bp | -0.1% |
Risk and Returns: WGMI vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/2/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
WGMI
-3.9%
Cat. Avg
4.2%
ALTAR Score™ Calculation
Category Overview
There are 370 funds in the Global Equity category, with an average ALTAR Score™
of 4.2% and a standard deviation of
3.1%. WGMI's ALTAR Score™ is approximately
2.6 standard deviations
below
the category average. This places WGMI in the 1st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
WGMISELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active Global Equity ETFs |
| # of ETFs | 128 |
| Avg. Expense Ratio | 70.9 bp |
| Std. Deviation | 30.5 bp |
| WGMI (75 bp) Percentile rank | 55 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| WGMI | 75.0 | 11.0 | 86.0 |
| Peer Avg. | 70.9 | 35.9 | 106.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .