Tariff volatility rocked markets for much of the second quarter, creating pressure on U.S. bonds and equities. In the challenging environment, rife with uncertainty and investor concern, a handful of funds generated significant performance. One such fund, the CoinShares Valkyrie Bitcoin Miners ETF (WGMI ), is up almost 50% as the end of the second quarter draws near.
The search for diversification opportunities in a difficult macro environment for stocks and bonds alike have many investors turning to alternatives. WGMI allows investors to harness bitcoin interest and momentum through the familiarity of equities via bitcoin miners. The fund offers pure-play exposure to bitcoin miners in North America and soared 47.22% on a price return basis between April 1 and June 18, 2025, according to Y-charts data.
The strategy invests in those companies earning at least half their profits or revenue from bitcoin mining. The fund invests in companies providing hardware, software or services to bitcoin mining companies. Additionally, the strategy seeks companies that manufacture specialized chips used in bitcoin mining. WGMI does not invest in bitcoin.
Concerns over tariff impacts on bitcoin mining rigs initially spiked as Chinese companies dominate bitcoin mining rig manufacturing. However, Reuters reports that the largest players (Canaan, Bitmain, and MicroBT) have all made at least preliminary moves to manufacturing in the U.S. This could mitigate tariff risks, but other China-centric U.S. policy concerns remain.
