According to a tweet by ETF expert Eric Balchunas, the Valkyrie Bitcoin Miners ETF (WGMI) was the best-performing non-leveraged ETF in Q1. The ETF has grown significantly during this period, with a 107% gain, reflecting an upturn in the Bitcoin mining business following the downfall of Sam Bankman-Fried (SBF) and his FTX trading empire.
“The best performing non-leveraged ETF in Q1 was $WGMI, a bitcoin miners ETF which was up 107%, a very apropos ticker for a post-SBF bitcoin bounce”, according to Eric Balchunas’s tweet.
The WGMI ETF, a Nasdaq-listed actively managed fund, invests in public companies in the Bitcoin mining sector. Its goal is to expose investors to the Bitcoin market via a standard exchange-traded fund framework. Valkyrie Funds LLC, a digital asset investment firm, and Vident Investment Advisory LLC, a sub-advisor, handle the fund.
The fund’s name means “We Are All Gonna Make It.” It is a prevalent abbreviation in the cryptocurrency community, notably on social media platforms like Twitter.
Despite the volatile nature of the bitcoin market, the statement is intended to encourage and promote confidence among community members, generating a sense of optimism and unity. However, several members of the Bitcoin community reject this moniker because it is largely linked with the NFT community.
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