Valkyrie Bitcoin Mining ETF Topped Gainers Last Week

Valkyrie Bitcoin Mining ETF Topped Gainers Last Week

WGMI added 13% last week as DAPP, which invests in similar companies, was second with an 11% gain.

ETF.com
|
Contributing Editor
|
Reviewed by: etf.com Staff
,
Edited by: Ron Day

An ETF that invests in companies that derive at least half their revenue from mining bitcoin or provide mining services gained the most among exchange-traded funds last week—yet another sign of investors' growing interest in cryptocurrency.

The Valkyrie Bitcoin Miners ETF (WGMI), which has $93 million in assets under management, climbed more than 13%. The VanEck Digital Transformation ETF (DAPP), whose largest holdings include bitcoin miners like MicroStrategy Inc., itself an owner of about $14 billion in bitcoin, rose 11%. DAPP has $111 million in AUM. 

Those gains came despite a swoon in bitcoin's price, which dropped to $61,500 on March 19, just five days after the largest cryptocurrency by market value hit an all-time high over $73,300, according to CoinMarketCap, a provider of crypto markets data. And the funds' jump occurred even as inflows to spot bitcoin ETFs slowed for the first time in weeks. 

 The world's largest ETF, the SPDR S&P 500 ETF Trust (SPY) dwarfed all funds for inflows, while the iShares Core S&P 500 ETF (IVV) had by far the most outflows. 

SPY, which has incurred massive outflows for months, generated more than $24 million in inflows for the week. The technology-heavy Invesco QQQ Trust (QQQ) had $2.4 million in inflows, the second most over the same period.

IVV had $18.4 million in weekly redemptions, while the Schwab U.S. Dividend Equity ETF (SCHD) lost about $9.5 million in outflows, the second most for the period.

Top 10 Weekly Performers, Excluding Leverage/Inverse Funds and <1,000 Shares Traded

TickerNameWeekly PerformanceWeekly VolumeAUM ($, mm)
WGMIValkyrie Bitcoin Miners ETF13.13%1,413,47892.72
DAPPVanEck Digital Transformation ETF10.94%1,705,881111.22
CRPTFirst Trust SkyBridge Crypto Industry and Digital Economy ETF10.46%388,53856.29
FDIGFidelity Crypto Industry and Digital Payments ETF9.80%495,657100.18
IBLCiShares Blockchain and Tech ETF9.73%64,83223.03
BITQBitwise Crypto Industry Innovators ETF9.35%637,551140.15
GFOFGrayscale Future of Finance ETF8.67%9,8217.24
MSTYYieldMax MSTR Option Income Strategy ETF8.65%628,25129.93
CONYYieldMax COIN Option Income Strategy ETF7.62%2,155,812384.01
SATOInvesco Alerian Galaxy Crypto Economy ETF7.18%41,6319.38



 

Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.

James Rubin is a contributing editor for etf.com, where he produces the Morning Exchange and Weekly Exchange newsletters. A longtime financial writer, editor and book author, he formerly held positions as a news and markets editor for the Americas at CoinDesk, where he focussed on cryptocurrencies. 

He provided editorial guidance for a Wall Street Journal best-selling book on Bitcoin and oversaw a startup newsroom focused on digital financial assets. He has edited for TheStreet and Unchained, where he wrote daily news stories about the trial of fallen crypto entrepreneur Sam Bankman-Fried. His writing has also appeared in The Hollywood Reporter, Forbes.com, AdWeek, Bankrate, The Financial Brand and The Wall Street Journal. He has also written for Forbes Insights and the Economist Intelligence Unit, including papers presented at World Economic Forums in Davos and Mumbai. 

James is the co-author of The Urban Cyclist’s Survival Guide (Triumph Books) and has been interviewed about bike safety on a number of NPR affiliates. In a prior career, Rubin was a world-ranked tennis player, once competing in Wimbledon’s qualifying rounds. He speaks fluent German and is a graduate of the Columbia University Graduate School of Journalism and received his BA at Columbia University.