Joseph Hogue notes WGMI's strong performance despite the crypto winter, attributing it to Bitcoin miners pivoting to AI data centers. He explains that the fund offers pure-play access to the crypto mining industry, which is increasingly correlated with the overall market rather than just Bitcoin, and suggests it has optionality upside if AI demand or Bitcoin prices increase.
“The most surprising, though, in my ETF research has been the Coin Shares Bitcoin mining ETF, ticker WGMI, bucking the crypto winter, to boom 193% over the last year.”