Quick Read – WGMI climbed 48% year to date and 117% over the past year, outpacing bitcoin’s 27% decline through miner operating leverage and AI capacity pivots. – MSTR fell 34% year to date and 75% over the past year, hit by a $14.5 billion unrealized bitcoin loss and heavy…
are dilution. – A bitcoin miner ETF has quietly outrun the most famous corporate bitcoin holder on the market this year, and it did so without owning a single share of that company. The CoinShares Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) is up 47.58% year to date through July 6, 2026, even as bitcoin itself has slipped
Notably absent from the fund: MicroStrategy (NASDAQ:MSTR), now branded Strategy, the world’s largest corporate bitcoin treasury holder. The absence is by design, baked into the fund’s mandate. What WGMI Actually Owns WGMI is an actively managed ETF focused on the picks-and-shovels side of bitcoin: the companies that mine the coin and the vendors that sell them chips, hardware, software, and services.
Per its stated objective, the fund invests at least 80% of net assets in companies that derive at least 50% of their revenue or profits from bitcoin mining operations or from supplying miners. That is a narrow universe, populated by names typical of the mining sector such as Marathon Digital, Riot Platforms, and CleanSpark. MicroStrategy does not fit that screen.