Valkyrie Bitcoin Miners ETF (WGMI) Attracts Short Sellers, Seeing Growth in Short Interest

Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI – Get Free Report) was the target of a significant growth in short interest during the month of March.

The short interest in shares of Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI – Get Free Report) was the target of a significant growth in March, according to the latest data from As of March 31st, there was short interest totalling 549,200 shares, a 39.1% increase from the March 15th total of 394,800 shares. The days-to-cover ratio is currently 0.8 days, based on an average daily volume of 727,800 shares. Shares of the ETF closed last Friday at $12.04.

What traders need to know

As institutional interest in crypto continues to heat up, a number of hedge funds and other large investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC increased its holdings in Valkyrie Bitcoin Miners ETF by 26.3% during the fourth quarter, according to an SEC filing. Commonwealth Equity Services LLC now owns 125,256 shares of the company’s stock valued at $2,779,000 after purchasing an additional 26,120 shares during the last quarter.

Another hedge fund, GTS Securities LLC grew its own holdings in shares of the ETF by 57.8% during the fourth quarter. The hedge fund now owns 54,136 shares of the company’s stock valued at $1,201,000 after purchasing an additional 19,837 shares during the last quarter.

One new investor to the company was Maridea Wealth Management LLC who bought a new stake in shares of the ETF during the fourth quarter valued at about $817,000.

Also weighing in on the stock was Matauro LLC who bought a new position in shares of the ETF in the 1st quarter for about $446,000.

Finally, one last hedge fund to adjust their holdings was Redwood Wealth Management Group LLC who increased their own holdings in shares of the ETF by 32.9% during the 4th quarter. The hedge fund now owns 26,715 shares of the company’s stock valued at $592,000 after purchasing an additional 6,615 shares during the period.

A closer look at the ETF

The (CRYPTO:BTC) price has struggled to maintain momentum above the $60,000 level and dropped back below $50,000 on Friday. The crypto market is known for its volatility, and rapid price swings are not uncommon, especially in response to market news and trends.

The Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) provides active exposure to companies that derive at least 50% of their revenue from bitcoin mining operations and/or services related to bitcoin mining. It is managed by Valkyrie and had an opening price of $12.04 on Friday’s trading session.

The ETF has a 52-week low of $11.09 and a 52-week high of $31.89. It is currently trading at 0.8 times the average volume over the last 50 days and 0.5 times the average volume over the last 100 days. Its price is up 0.1% from the beginning of the year.