# Bitcoin Miners ETF Gains 47.6% YTD, Excludes MicroStrategy

**Published:** 2026-07-12T21:23:31.502Z  
**Topic:** Microstrategy Bitcoin  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/1d3a4d34-f3a4-4312-99b9-d7bebd3af448

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] |

## Why WGMI outperformed Bitcoin  
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’s exclusion matters  
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.

## Recent volatility and longer‑term perspective  
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.

## Comparative performance claims  
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].

## What to watch
- Bitcoin price movements around key support at $55 k and resistance near $60 k, which could influence miner margins.  
- Upcoming earnings releases from top holdings such as Marathon Digital and Riot Platforms, where operating cost disclosures may signal further leverage gains.  
- Any regulatory or accounting changes affecting corporate bitcoin holdings, which could widen the performance gap between mining‑focused ETFs and funds that include MicroStrategy.

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.

## Sources
1. 247wallst — [Bitcoin Miners ETF Up 47.58% This Year, Completely Avoids MicroStrategy - 24/7 Wall St.](https://247wallst.com/investing/etf/2026/07/07/bitcoin-miners-etf-up-47-58-this-year-completely-avoids-microstrategy/)
2. Public — [Buy Valkyrie Bitcoin Miners ETF – WGMI ETF Quote Today & Investment Insights - Public.com](https://public.com/stocks/wgmi)
3. Aol — [The Bitcoin Mining ETF That Returned 52% in One Week, And Most Income Investors Have Never Heard of It - AOL](https://www.aol.com/articles/bitcoin-mining-etf-returned-52-164740482.html)

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Cite as: TrendWatcher, "Bitcoin Miners ETF Gains 47.6% YTD, Excludes MicroStrategy", https://www.trendwatcher.in/article/1d3a4d34-f3a4-4312-99b9-d7bebd3af448