This Bitcoin mining ETF is +100% YTD and January hasn’t even ended yet

In the early weeks of 2023, one Bitcoin mining exchange traded fund has taken advantage of the rebound in the crypto market to surge more than 100% since the close of last year. The Valkyrie Bitcoin Miners ETF ( NASDAQ: WGMI ) is showing a 102.9% year-to-date return, helped by a 4.5% push during Monday’s trading session. The fund has been lifted by positive price movements from Bitcoin ( BTC-USD ), which has climbed above $22K in 2023 with its own 37% YTD gain. Meanwhile, WGMI’s topside push has received plenty of support from some of the ETF’s top holdings, which include the likes of Bitfarms ( BITF ), Hut 8 Mining Corp. ( NASDAQ: HUT ), CleanSpark ( CLSK ), Riot Platforms ( NASDAQ: RIOT ) and others. Investors should be aware that while WGMI has jumped by a triple-digit percentage in less than one month, the fund was also crushed in 2022, cratering 83% last year from $26.20 a share to $4.47 a share. In Monday's afternoon trading, WGNI was sitting at $8.65 after touching $9.06 earlier. Even with the recent upswing, the ETF remains about 68% lower for the past 12 months. WGMI represents a relatively small ETF, only holding $2.64M assets under management. In related crypto news, Bitcoin recently crossed above $23K for the first time in five months.