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

WGMI is composed of several listed Bitcoin mining companies, among which the largest holding IREN (15%) has fallen 42% this year, followed by Core Scientific (14% weight, down 48%), Cipher Mining (9.6% weight, down 52%), and even the sixth largest holding NVIDIA (5% weight) has fallen more than 20% this year.

WGMI’s investment strategy is to invest in companies that derive at least 50% of their revenue or profits from Bitcoin mining-related businesses. It currently holds 21 companies with a total asset management scale of US$147.2 million.

Bitcoin mining companies are facing huge challenges this year. The network hash rate continues to rise, approaching the historical high of 832 EH/s, resulting in a significant divergence between Bitcoin price and hash rate. At the same time, miner rewards have decreased and transaction fees are at a low level, further compressing miners' profit margins.