Bitcoin Bonanza Fuels Exceptional Growth for Crypto Mining Stocks in H1 2023

  • The Valkyrie Bitcoin Miners ETF (WGMI) has emerged as the best-performing ETF in the first half of 2023, gaining 185% fueled by Bitcoin's rally and the significant growth of stocks within its portfolio.
  • Institutional investors' optimism, exemplified by BlackRock's application for a Bitcoin ETF and the launch of EDX Markets, a new crypto exchange backed by Wall Street giants, has contributed to the surge in cryptocurrency sentiment.
  • The positive trend in Bitcoin, historically observed in July, is expected to continue, potentially leading to further gains for WGMI and its constituent mining stocks. This performance may have implications for South Africa's crypto market, prompting discussions around regulatory frameworks and encouraging investors to consider Bitcoin mining opportunities.
Bitcoin minning

The first half of 2023 has been an exhilarating ride for cryptocurrency enthusiasts, culminating in the Valkyrie Bitcoin Miners ETF (WGMI) scoring a spectacular 185% gain. According to, this significant leap propels WGMI to the top of the charts, making it the best-performing ETF of the period.

This thrilling growth story is inextricably linked to Bitcoin’s recent rally, which soared beyond the $31,000 milestone. The performance of WGMI has been particularly influenced by the impressive gains in five of its portfolio stocks. Bit Digital, Hut 8 Mining Corp, HIVE Blockchain, Marathon Digital, and Argo Blockchain have all more than doubled in value.

Institutional investors’ buoyant optimism seems to be the driving force behind this crypto wave. Leading asset manager, BlackRock, has lodged an application to launch a Bitcoin ETF, which is currently pending approval from the U.S. Securities and Exchange Commission (SEC). This bold move has set off a renewed wave of interest in Bitcoin, stirring up the cryptocurrency market.

In another pivotal development, the launch of EDX Markets, a brand-new crypto exchange backed by Wall Street titans, has significantly elevated the positive sentiment around digital assets. Institutional investors, who had previously retreated due to regulatory concerns, are gradually reconsidering their stance and returning to the crypto market.

Given Bitcoin’s historical tendency to rally in July, analysts predict the upward trend to continue, potentially translating into further gains for WGMI and its leading stocks.

Upon a detailed examination, WGMI emerges as an ETF with a specific focus on companies generating revenue from Bitcoin mining or offering associated services. It has a diversified portfolio of 22 stocks, with Bit Digital and Hut 8 Mining commanding the most significant allocation. WGMI boasts of $11.5 million in assets under management and levies an annual fee of 75 basis points.

As the South African crypto market continues to evolve, these global developments could have a profound impact. The stellar performance of mining-focused ETFs, such as WGMI, indicates the potential profitability of Bitcoin mining operations. Local investors can draw insights from these trends to make informed investment decisions. Furthermore, regulatory developments in leading markets such as the US, signified by the pending approval of BlackRock’s Bitcoin ETF, might stimulate dialogue about refining crypto-related regulatory frameworks in South Africa. This dialogue could foster a more conducive environment for the growth and acceptance of cryptocurrencies within the country’s financial system.

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