In Q1, the Valkyrie Bitcoin Miners ETF (Nasdaq: WGMI) emerged as the top-performing non-leveraged ETF, experiencing a substantial 107% increase, as reported by ETF analyst Eric Balchunas via Twitter.
The upturn in the Bitcoin mining industry following the downfall of Sam Bankman-Fried (SBF) and his FTX trading empire likely contributed to this growth.
The actively managed WGMI ETF, listed on Nasdaq, invests in public companies involved in the Bitcoin mining sector and aims to provide investors with exposure to the Bitcoin market through a traditional exchange-traded fund structure.
The ETF is overseen by digital asset investment firm Valkyrie Funds LLC, along with Vident Investment Advisory LLC serving as the sub-advisor.
The fund’s name, WGMI, stands for “We Are All Gonna Make It,” which is a common acronym used in the cryptocurrency community, particularly on social media platforms like Twitter.
This phrase is meant to foster confidence and promote optimism and unity among members of the community, despite the volatile nature of the cryptocurrency market.
However, some Bitcoin community members reject this acronym since it is more associated with the NFT community.
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