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Bitcoin Miners ETF up 47.58% YTD through July 6 2026, beating Bitcoin’s 26.66% drop and MicroStrategy’s 33.68% loss. See why the fund’s mining‑only mandate
The CoinShares Valkyrie Bitcoin Miners ETF (NASDAQ: WGMI) is up 47.58% year‑to‑date through July 6 2026, even as Bitcoin has fallen 26.66% and MicroStrategy shares have slid 33.68% over the same period【1】. The fund’s outperformance stems from its strict mining‑focused mandate that excludes the corporate treasury holder MicroStrategy.
| At a glance | |
|---|---|
| YTD return | +47.58% |
| Bitcoin price YTD | –26.66% |
| MicroStrategy YTD | –33.68% |
| Catalyst | Mining‑only mandate, post‑halving efficiency gains |
WGMI invests at least 80% of net assets in companies that derive at least half of their revenue or profit from Bitcoin mining or from supplying miners. This excludes MicroStrategy, a software firm that holds Bitcoin but does not mine it【1】. The fund’s holdings—Marathon Digital, Riot Platforms, CleanSpark and similar miners—have benefited from lower power costs, newer rigs, and a pivot toward AI and high‑performance computing workloads, boosting operating leverage despite a softer Bitcoin price environment【1】. Over the past year the ETF posted a 116.98% gain, closing at $56.48 on July 6【1】.
The strong YTD figure masks a recent pullback: WGMI fell 11.33% over the trailing week, 8.3% over the past month, and slipped 5.1% on July 7 to $53.60【1】. Miners are high‑beta proxies for Bitcoin, so the ETF remains sensitive to crypto price swings and the cyclical nature of mining economics. Its concentrated exposure to a small group of energy‑intensive businesses adds sector‑specific risk, a trade‑off for the upside when miners outperform the coin itself【1】.
MicroStrategy’s shares are down 33.68% YTD, and 75.06% over the past year, closing at $100.77 on July 6【1】. The company reported a Q1 2026 net loss of $12.54 billion, driven by a $14.46 billion unrealized loss on its Bitcoin holdings under new fair‑value accounting rules【1】. Had WGMI held MicroStrategy, its performance would have been dragged down by this accounting hit, underscoring how the fund’s mining‑only methodology insulated it from corporate‑treasury volatility【1】.
The WGMI story illustrates how index design can decouple performance from Bitcoin’s price trajectory, rewarding firms that generate mining revenue while sidelining holders like MicroStrategy. The open question is whether miners’ diversification into AI will sustain the ETF’s edge if Bitcoin’s price remains depressed.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jul 11, 2026 · How we report
MicroStrategy holds 818,334 BTC as of early May 2026, accounting for more than 4% of the total 21 million bitcoins that will ever exist.
The net loss of $12.54 billion was driven primarily by a $14.46 billion unrealized loss on its bitcoin holdings under fair‑value accounting.
The ETF’s mandate requires at least 80% of assets to be in companies that earn at least 50% of revenue from bitcoin mining, a criterion MicroStrategy does not meet because it is a software company that holds bitcoin rather than mines it.
According to Standard Chartered, Strategy is moving from a “never sell Bitcoin” stance to using bitcoin as collateral for its preferred stock (STRC), aiming to reduce reliance on issuing new shares to purchase more BTC.
Through July 6, 2026, the miners ETF rose 47.58% YTD, while MicroStrategy’s stock fell 33.68% YTD.