Bitcoin Mining ETF (WGMI) Hits New 52-Week High
11/13/2024 01:12
This Bitcoin mining ETF hits a new 52-week high. Are more gains in store for this ETF?
For investors seeking momentum, CoinShares Valkyrie Bitcoin Miners ETF WGMI is probably on the radar. The fund just hit a 52-week high and has soared 238% from its 52-week low of $8.91 per share.
Are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
CoinShares Valkyrie Bitcoin Miners ETF is an actively managed ETF available through Nasdaq that invests in public companies in the bitcoin mining industry. It offers targeted exposure to the companies at the forefront of transaction verification, ensuring transparency and security on the blockchain. WGMI holds 20 stocks in its basket and charges 75 bps in annual fees (see: all the Cryptocurrency ETFs here).
Bitcoin has been an area to watch lately, given that the Donald Trump win has supercharged sentiments in the cryptocurrency market. The world’s largest cryptocurrency topped near $90,000 for the first time. Trump embraced digital assets during his campaign and vowed to make the United States “the crypto capital of the planet.”
WGMI might remain strong, given its weighted alpha of 164.01 and a lower 20-day volatility of 94.63%. There is definitely still some promise for investors who want to ride on this surging ETF.
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