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.
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