WGMI ETF: What Is It? — A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The CoinShares Bitcoin Mining ETF (WGMI) is a passive thematic product focused on companies that mine Bitcoin, with a structure that concentrates on the mining industry with leveraged exposure to Bitcoin's price; composition and exposure differences relative to related products such as BLOK, BITQ, and BKCH serve as the core selection criteria.
SubscribeA passive thematic ETF that tracks an index composed of companies that operate mining equipment and produce Bitcoin. It focuses on the Bitcoin mining industry, providing exposure to Bitcoin's price and the operating results of mining companies.
It is suitable for risk-tolerant investors who want to bet on mining companies rather than directly holding Bitcoin, while accepting very high volatility.
This is an ETF operated by CoinShares using a passive (index-tracking) management approach.
How Do You Invest in the CoinShares Bitcoin Mining ETF?
| Item | Details |
|---|---|
| Investment Target | Bitcoin mining companies |
| Management Style | Passive (Index Tracking) |
| Theme | Bitcoin Mining |
| Dividend Frequency | Annual |
| Total Expense Ratio | 0.75% |
It tracks an index composed of companies that operate mining equipment and produce Bitcoin. Instead of directly holding Bitcoin, it invests in mining company stocks, with a structure that carries very high volatility because mining company results depend on Bitcoin's price, mining difficulty, and electricity costs.
- Concentrated exposure to Bitcoin mining companies
- Leveraged exposure to Bitcoin's price
CoinShares Bitcoin Mining ETF Size and Cost (AUM and Management Fee)
Assets under management (AUM) stand at $296.6M, and the total expense ratio is 0.75% annually.
Compared with spot Bitcoin ETFs or broad blockchain ETFs, the main point of comparison is its narrower thematic composition focused on mining companies.
CoinShares Bitcoin Mining ETF Performance and Flows
1-Year Price Performance
Dividend & Yield
52-Week Price RangeBitcoin mining stocks are heavily influenced by Bitcoin's price, mining difficulty, electricity costs, and risk appetite, and they tend to move higher together with Bitcoin in bullish phases and decline sharply in bearish phases. Volatility is very high, behaving as if it were leveraged to Bitcoin's price.
Bitcoin mining thematic products see significant capital inflows and outflows depending on the Bitcoin price outlook, risk appetite, and mining environment, and capital can rotate into this product group during phases of growing bullish expectations for Bitcoin. Performance also needs to be reviewed in light of the fact that it varies significantly based on Bitcoin's price and mining costs.
CoinShares Bitcoin Mining ETF: Advantages and Disadvantages
Mining exposure leveraged to Bitcoin's price is both a strength and a risk, and very high volatility, thematic concentration, and mining cost risk are factors to consider.
💪 Key Strengths
⚠️ Points to Watch
CoinShares Bitcoin Mining ETF: Alternative ETFs and Related Products
For direct exposure to Bitcoin itself, spot Bitcoin ETFs such as IBIT serve as direct alternatives, while products such as BITO are comparable options for Bitcoin futures exposure. For exposure to the broader blockchain industry, products such as DAPP can also be reviewed alongside. The three products shown in the table — BLOK, BITQ, and BKCH — each take a different approach across blockchain technology and the digital asset industry as well as broader blockchain strategies, differing from this ETF in mining concentration and composition. This product's differentiation lies in its narrow exposure to Bitcoin mining companies.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 BLOK | Amplify Blockchain Technology ETF | $63.90 | +1.7% | $1.1B | 0.70% | 0.76% | +0.9% |
 ARKF | ARK Blockchain & Fintech Innovation ETF | $45.09 | +0.8% | $789.9M | 0.75% | 0.1% | -17.6% |
 BITQ | Bitwise Crypto Industry Innovators ETF | $25.82 | +1.9% | $451.7M | 0.85% | - | +16.5% |
 BKCH | Global X Blockchain ETF | $72.69 | +2.7% | $283.0M | 0.50% | 1.68% | +1.8% |
 FDIG | Fidelity Crypto Industry and Digital Payments ETF | $44.31 | +1.1% | $264.3M | 0.39% | 1.41% | +1.2% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 CIFR | Cipher Digital Inc | 0.16% | $16.85 | +5.7% | $7.0B | - | - |
| CIFR | Cipher Digital Inc | 0.16% | $16.85 | +5.7% | $7.0B | - | - |
 IREN | IREN Ltd | 0.10% | $43.83 | +0.4% | $17.2B | - | - |
 HUT | Hut 8 Corp | 0.11% | $98.54 | +8.8% | $12.1B | - | - |
 KEEL | Keel Infrastructure Corp | 0.11% | $3.57 | +3.8% | $2.2B | - | - |
| IREN | IREN Ltd | 0.10% | $43.83 | +0.4% | $17.2B | - | - |
 WULF | TeraWulf Inc | 0.10% | $16.72 | +3.6% | $8.3B | - | - |
 CORZ | Core Scientific Inc | 0.08% | $17.94 | +3.3% | $5.8B | - | - |
 APLD | Applied Digital Corp | 0.05% | $26.40 | +2.4% | $7.7B | - | - |
 RIOT | Riot Platforms Inc | 0.05% | $21.45 | +2.4% | $8.0B | - | - |
CoinShares Bitcoin Mining ETF: Investor Checklist
Points to review before investing in WGMI. While mining exposure is appealing, very high volatility, thematic concentration, and mining cost risk need to be confirmed in advance. It is also advisable to compare it with spot Bitcoin and blockchain products.
| Checkpoint | What to Verify | Current Status |
|---|---|---|
| ⛏️ Mining Exposure | Review mining company composition and Bitcoin linkage | Mining Focused |
| ⚡ Volatility | Review volatility tied to Bitcoin | Very High |
| 🎯 Thematic Concentration | Review single-theme mining weight | Theme Concentrated |
| 🔌 Mining Costs | Review mining difficulty and electricity costs | Requires Verification |
Sharp swings in Bitcoin's price, rising mining difficulty, and electricity costs are the main drivers of short-term performance, and mining companies exhibit very high volatility, behaving as if they were leveraged to Bitcoin's price. Given its thematic concentration, drawdowns can be significant during broad market downturns.
It is a suitable candidate for risk-tolerant investors who want to bet on mining companies rather than directly holding Bitcoin. For direct Bitcoin exposure, products such as IBIT should be compared, and for mining company exposure, this product should be compared alongside them when making a selection.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 10, 2026.
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