Coinshares的Valkyrie比特币采矿（WGMI）ETF是2025年表现最差的ETF

Coinshares的Valkyrie比特币采矿（WGMI）交易所交易基金（ETF）是2025年表现最差的ETF，年满43％

CoinShares' Valkyrie Bitcoin Mining (WGMI) exchange-traded fund (ETF) is the worst-performing ETF of 2025, down 43% year-to-date, according to Senior Bloomberg ETF analyst Eric Balchunas.

根据彭博ETF ETF分析师Eric Balchunas，Coinshares的Valkyrie比特币开采（WGMI）交换基金（ETF）是2025年表现最差的ETF，年满43％。

The ETF is made up of several publicly traded bitcoin (BTC) miners. IREN (IREN) is the largest holding at 15%, which is down 42%. Core Scientific (CORZ) follows with a 14% weighting and a 48% decline, while Cipher Mining (CIFR), the third-largest holding at 9.6%, is down 52%. Even NVIDIA (NVDA), the sixth-largest holding at 5%, has dropped over 20% this year.

ETF由几个公开交易的比特币（BTC）矿工组成。 Iren（Iren）是15％的最大持有量，下降了42％。核心科学（CORZ）随后加权14％，下降了48％，而密码开采（CIFR）是第三大股份，为9.6％，下降了52％。即使是NVIDIA（NVDA），第六大股票的5％，今年下降了20％以上。

According to its investment strategy, "The ETF will invest in companies that derive at least 50% of their revenue or profits from bitcoin mining operations and/or from providing specialized chips, hardware, software, or other services to companies engaged in bitcoin mining."

根据其投资策略，“ ETF将投资于从比特币采矿业务中获得至少50％的收入或利润的公司，并为/或为从事比特币采矿的公司提供专业的芯片，硬件，软件或其他服务。”

WGMI consists of 21 holdings and manages $147.2 million in total assets.

WGMI由21家持股和管理总资产管理1.472亿美元。

In contrast, metals ETFs have been the top performers of 2025, according to justETF. Several gold mining ETFs rank in the top five, with the Equity World Basic Materials DAXglobal Gold Miners ETF having gained 38% year-to-date.

相反，根据Justetf的说法，金属ETF一直是2025年的最佳表现。几家黄金矿业ETF在前五名中排名，股票世界基本材料Daxglobal Gold Miners ETF年年至今已上涨了38％。

Bitcoin miners have faced significant challenges this year, as the network hash rate, which represents the computational power required to mine bitcoin, continues to climb and is now approaching all-time highs of around 832 EH/s. This has led to a substantial divergence between bitcoin's price and the hash rate.

比特币矿工今年面临着重大挑战，因为代表挖掘比特币所需的计算能力的网络哈希速率继续攀升，现在正接近约832 EH/s的历史高度。这导致了比特币的价格和哈希率之间的巨大差异。

Consequently, mining difficulty has also remained close to its peak, making it more difficult for miners to successfully mine new bitcoins. At the same time, transaction fees are exceptionally low, further reducing miner profitability as rewards from processing transactions remain minimal.

因此，采矿难度也保持接近其顶峰，使矿工更难成功地开采新的比特币。同时，交易费用异常低，随着处理交易的奖励仍然很小，进一步降低了矿工的盈利能力。