PANews reported on March 31 that according to Bloomberg senior ETF analyst Eric Balchunas, the Valkyrie Bitcoin Mining ETF (WGMI) under CoinShares became the worst-performing ETF in 2025, dropping 43% year-to-date.

WGMI is composed of multiple listed Bitcoin mining companies, with the largest holding being IREN (15% weight) down 42% this year, followed by Core Scientific (14% weight, down 48%), Cipher Mining (9.6% weight, down 52%), and even NVIDIA, the sixth-largest holding (5% weight), has dropped over 20% this year.

WGMI's investment strategy is to invest in companies with at least 50% of revenue or profits from Bitcoin mining-related businesses, currently holding 21 companies with a total assets under management of $14.72 million.

Bitcoin mining companies face significant challenges this year, with network hash rate continuously rising, approaching the historical high of 832 EH/s, leading to a significant divergence between Bitcoin price and hash rate. Meanwhile, miner rewards have decreased, and transaction fees are at a low level, further squeezing miners' profit margins.