ETF Evaluator:
CoinShares Bitcoin Mining ETF (WGMI)
Follow This ETF
(as of Jul 31)
Best Performing in Equity Digital Assets Over the Last Year
| 177.3% | CoinShares Bitcoin Mining ETF (WGMI) |
| 116.2% | State Street® Galaxy Dgtl Ast Ecosys ETF (DECO) |
| 100.9% | State Street® Galaxy HdgDgtlAstEcosysETF (HECO) |
| 69.3% | Grayscale Bitcoin Miners ETF (MNRS) |
| 44.7% | VanEck Onchain Economy ETF (NODE) |
Risk
Index
Risk
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ETF Details
CoinShares Bitcoin Mining ETF Overview
CoinShares Bitcoin Mining ETF (WGMI) is an actively managed Sector Equity Equity Digital Assets exchange-traded fund (ETF). CoinShares ETF Trust launched the ETF in 2022.
The investment seeks to provide investors with total return.
The fund is an actively-managed exchange-traded fund (“ETF”) that will invest at least 80% of its net assets (plus borrowings for investment purposes) in securities of companies that derive at least 50% of their revenue or profits from bitcoin mining operations and/or from providing specialized chips, hardware and software or other services to companies engaged in bitcoin mining. It will not directly invest in bitcoin, or indirectly through the use of derivatives or through investments in funds or trusts that hold bitcoin. The fund is non-diversified.
About CoinShares Bitcoin Mining ETF (WGMI)
There are 3 members of the management team with an average tenure of 3.66 years: Rafael Zayas (2024), Austin Wen (2022) and Bill Cannon (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. CoinShares Bitcoin Mining ETF has 29 securities in its portfolio. The top 10 holdings constitute 77.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
CoinShares Bitcoin Mining ETF is part of the Equity global asset class and is within the Sector Equity ETF group. CoinShares Bitcoin Mining ETF has 18.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 80.8% There is 18.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). CoinShares Bitcoin Mining ETF has 8.2% of the portfolio in cash.
Assets Under Management
The fund has $343 million in total assets, which is above the $202 million average for the Equity Digital Assets category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
WGMI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The CoinShares Bitcoin Mining ETF expense ratio is above average compared to funds in the Equity Digital Assets category. CoinShares Bitcoin Mining ETF has an expense ratio of 0.75%, which is 12% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. CoinShares Bitcoin Mining ETF has a portfolio turnover rate of 40%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 129% for the Equity Digital Assets category.
Recently, in the month of June 2026, CoinShares Bitcoin Mining ETF returned -7.5%, which earned it a grade of A, as the Equity Digital Assets category had an average return of -11.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
CoinShares Bitcoin Mining ETF has a trailing yield of 0.00%, which is below the 5.17% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
CoinShares Bitcoin Mining ETF Grades
Year to date, the ETF has returned 64.9%, 45.5 percentage points better than the category, which translates into a grade of A. The fund has returned 177.3% over the past year (grade of A) and 69.8% over the past three years (grade of A).
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WGMI Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| WGMI Return (NAV) | -7.5% | 81.4% | 177.3% | 69.8% | na | na |
| WGMI Return (Price) | -7.4% | 81.1% | 177.4% | 69.5% | na | na |
| NAV +/- Price Return | -0.100% | 0.268% | -0.077% | 0.236% | na | na |
| Equity Digital Assets Avg | -11.8% | 35.0% | 33.4% | 38.6% | -0.5% | na |
| WGMI Grade (NAV) | A | A | A | A | na | na |
| +/- Category (NAV) | 4.3% | 46.4% | 143.9% | 31.2% | na | na |
| WGMI Tax-Cost Ratio | na | na | 0.0% | 0.1% | na | na |
WGMI Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| WGMI Return (NAV) | 64.9% | 72.2% | 23.6% | 304.1% | na | na | na | na | na | na | na |
| WGMI Return (Price) | 64.8% | 72.5% | 23.5% | 304.1% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.002% | 0.004% | -0.005% | 0.000% | na | na | na | na | na | na | na |
| Equity Digital Assets Avg | 19.4% | 23.1% | 38.6% | 197.0% | -75.4% | 18.5% | 73.5% | 31.5% | na | na | na |
| WGMI Grade (NAV) | A | A | D | A | na | na | na | na | na | na | na |
| +/- Category | 45.5% | 49.1% | -15.0% | 107.0% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 4.76 |
| R-Squared: | 50% |
| Standard Deviation: | 84.9% |
| Category Risk Index: | 1.36 |
| Category Risk Rating: | High |
| Total Risk Index: | 6.98 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 344 Mil |
| Share Class Assets: | $ 344 Mil |
| Turnover: | 40.0% |
| Expense Ratio: | 0.75% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 4.4 years | |||
| Average Tenure: 3.7 years | |||
| Managers (Year): Wen Austin (2022), Cannon Bill (2022), Zayas Rafael (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 29 |
| % in Top 10 Holdings: | 77.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 18.8% |
Portfolio Allocation |
|
| Domestic Stock: | 80.8% |
| Foreign Stock: | 18.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -7.8% |
| Cash: | 8.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | CoinShares ETF Trust |
| Phone Number: | 800-617-0004 |
| Website: | www.valkyrie-funds.com |
| Inception Date: | February 7, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.67% |
