Bitcoin mining ETF tops the list in 2023
The bitcoin mining ETF is outperforming others in the Exchange-Trade Fund (ETF) markets for January 2023 after facing many challenges in 2022.
Bitcoin mining ETF performance
The past year has been tough for cryptocurrency ETFs and original assets prices with most promising launches experiencing huge losses.
But this year seems promising for digital currencies performances, with bitcoin topping the list. Among the leading equity ETF in bitcoin mining is Valkyrie’s bitcoin Miners (WGMI), that’s already surged by 40%. It’s a rare occurrence for bitcoin to top the ETF market.
Bitcoin’s top equity ETF market, WGMI, was among the listings on Nasdaq in early 2022, although it didn’t directly invest in bitcoin.
WGMI’s investment is set at 80% of its net assets, offering security exposure for companies whose revenue is from bitcoin mining. However, it only accounts for companies profiting over 50% off BTC mining. The other 20% targets companies holding a large number of their assets in bitcoin
Best bitcoin ETFs
Crypto ETFs invest in the future of cryptocurrencies, and bitcoin mining ETFs are at the top of the market charts. First is WGMI, whose price is valued at $6.16 at the time of writing. The other is ProShares Bitcoin Strategy which is valued at $11.13.
However, Valkyrie’s bitcoin Miners (WGMI) concentrates on only 20 firms investing in profiting from bitcoin mining, such as Bitfarm, Intel, and Argo Blockchain. That is according to Eric Balchunas, who also confirms that they only invest in firms having half of their revenue from bitcoin mining.
Cryptocurrency ETFs are predicted to be the next lucrative honeypot set to uplift the crypto industry in attaining mainstream adoption. Evidence of this was seen from the first ETF clocking a trading volume of $1 billion on its first day in 2021.
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