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Bitcoin Miners ETF up 47.58% YTD through July 6 2026, beating Bitcoin’s 26.66% drop and avoiding MicroStrategy’s 33.68% loss.
The CoinShares Valkyrie Bitcoin Miners ETF (NASDAQ: WGMI) is up 47.58% year‑to‑date through July 6 2026, even as Bitcoin itself fell 26.66% over the same period [1]. The fund’s outperformance stems from its strict mining‑focused mandate that excludes corporate holders like MicroStrategy, which has lagged sharply.
| At a glance | |
|---|---|
| YTD return | +47.58% |
| Bitcoin price YTD | –26.66% |
| MicroStrategy YTD | –33.68% |
| Catalyst | Mining firms’ operating leverage, AI‑related capacity pivots, and a mandate that omits non‑mining holders [1] |
WGMI invests at least 80% of net assets in companies that derive ≥50% of revenue or profit from bitcoin mining or from supplying miners [1]. This narrow universe includes Marathon Digital, Riot Platforms and CleanSpark, all of which have benefited from lower power costs, newer rigs, and the ability to lease excess capacity to AI and high‑performance‑computing tenants. Those efficiencies amplified margins despite a softer bitcoin price environment, allowing the ETF to generate a 47.58% YTD gain while the cryptocurrency itself dropped 26.66% [1].
MicroStrategy (NASDAQ:MSTR) holds the world’s largest corporate bitcoin treasury—818,334 BTC as of May 2026—but its business model is pure treasury holding, not mining [1]. The company’s shares fell 33.68% YTD and 75.06% over the past year, pressured by a $14.46 billion unrealized loss on its bitcoin holdings under new fair‑value accounting rules [1]. Had WGMI included MSTR, the fund’s performance would have been dragged down by that accounting loss and share‑price decline. The fund’s design therefore isolates miners’ operating upside from the volatility of corporate bitcoin holdings.
Despite the strong YTD figure, WGMI has been volatile: it slipped 5.1% on July 7 to $53.60 and is down 11.33% over the trailing week [1]. Over the past year the ETF posted a 116.98% gain, closing July 6 at $56.48 [1]. This swing reflects the high‑beta nature of mining stocks, which track bitcoin price movements but can also diverge sharply when miners improve operating leverage or repurpose hardware for AI workloads.
An alternative source cites WGMI up 74.4% YTD and 243.77% over the past year [3]. The discrepancy likely reflects different calculation dates or inclusion of recent price moves; the 47.58% figure is the most recent, dated through July 6 2026 [1].
The WGMI story underscores how ETF mandate design can dramatically shape returns: miners’ operational efficiencies can outpace the broader cryptocurrency market, while exclusion of non‑mining holders shields the fund from corporate treasury volatility. Whether that advantage persists hinges on miners’ ability to sustain lower costs and diversify into AI‑related services.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jul 12, 2026 · How we report
MicroStrategy treats Bitcoin as its primary treasury asset, using a combination of equity and credit instruments to accumulate holdings while managing liquidity for corporate obligations.
While the firm has historically emphasized long-term accumulation, reports indicate that it has engaged in Bitcoin sales to strengthen dollar reserves and cover dividend payments.
The company raises capital primarily through at-the-market sales of common stock and the issuance of perpetual preferred shares.
MicroStrategy stock often mirrors the performance of Bitcoin, with both assets frequently rising or falling in tandem during market shifts.