The ticker WGMI (internet slang for “We're gonna make it”) invests in publicly traded bitcoin mining companies focused on using renewable energy. The ETF began trading on Tuesday February 8 and after the first day of trading had a volume of 151,917. For reference, the highest volume for an ETF on the same day was 81,012,000 for the S&P 500 SPDR.
According to The Block, the bitcoin mining industry generated $15 billion in revenue in 2021 for a 200% growth year over year. As bitcoin becomes more widespread and adopted, the mining industry will continue to grow at an accelerated rate. As CEO Leah Wald said “Bitcoin miners are an alternative asset class that are rapidly coming into focus for many investors. These companies are fully regulated the same as any other publicly traded company, and offer investors yet another avenue to gain indirect exposure to the digital asset space.”
Currently, 80% of WGMI’s holdings utilize at least 50% of renewable energy for mining. In an interview with CoinDesk, Chief Investment Officer Steven McClurg said “we believe that companies that are focusing on more renewable energy sources are going to win in the end. Coal energy is going to cost a whole lot more in the future.” Solar, hydro-electric, natural gas, and other alternative energy sources will provide better cost savings for bitcoin miners
WGMI does not invest directly in bitcoin and its top ten holdings include Argo Blockchain PLC, Bitfarms LTD, Cleanspark Inc, HIVE Blockchain Technologies, Stronghold Digital Mining, Bit Digital Inc, DigiHost Technology Inc., DMG Blockchain Solutions Inc, Marathon Digital Holdings Inc., and Power & Digital Infras. Valkyrie provided a breakdown of its holdings and a mission statement here.