In the first quarter of 2021, the Valkyrie Bitcoin Miners ETF has been reported as the best-performing nonleveraged ETF, with a total return of 107%. The ETF, traded on the Nasdaq under the name WGMI, is focused on investing in public companies in the Bitcoin mining sector and is managed by digital asset investment firm Valkyrie Funds LLC, in conjunction with Vident Investment Advisory LLC as the sub-advisor.

The acronym WGMI stands for "We Are All Gonna Make It" and is widely used within the cryptocurrency community, symbolizing hope and unity in the face of a volatile market. It has come to be associated with the NFT community, and some members of the Bitcoin community have chosen to reject it.

The ETF was formed with the intention of providing investors with a traditional ETF investing structure and exposure to the Bitcoin market. By buying into the fund, investors gain exposure to the Bitcoin mining industry without having to undertake the added risk of mining their own cryptocurrency.

The impressive performance of WGMI in the first quarter of 2021 reflects an upturn in the Bitcoin mining industry, following the fall of Sam Bankman-Fried and his company FTX. This is an encouraging sign for the industry as a whole, representing growing demand for and optimistic outlooks on the future of Bitcoin mining.



Other News from Today