The Newest Bitcoin Mining ETF on the Market

The fund hopes to grab investor interest with its focus on renewable energy and the miners that use it. In this episode of "The Crypto Show", Jon Quast, Chris MacDonald, and Travis Hoium discuss the new exchange traded fund's holdings and ticker symbol.

Jon Quast wanted to talk about the new fund that launched on Monday. I'm not aware of any other mining exchange traded fund. I love this ticker symbol. The ticker symbol is called WGMI. I would say that this is used in more NFT circles for those who don't know.

Yes, definitely.

It stands for "we're all going to make it", right?

That's correct, Hoium.

We're all going to make it. That's the symbol they went with. There is a point for a great ticker symbol. As of today, the top four holdings are Bitfarms, CleanSpark, and HIVE. They went with some of the smaller miners for big positions in their portfolios or in their exchange traded fund.

Jon, I was looking into what their holdings were and why they picked them. It looks like their focus is on renewable energy and miners that focus on renewable energy. The WGMI portfolio uses 77 percent renewable energy. I think that was interesting for investors that are turned off by the environmental part of the piece. In addition to miners, they also hold a number of chip manufacturers that provide specialized chips to miners and some software companies that are in the software space. It's hard to gauge the performance of a new option, but it's a pretty diversified one. Right now, given where the miners are, some investors might see it as a good buying opportunity. It's a good time to launch.

Quast: The reason I brought this to the table specifically, come on, there we go. I was looking at some data from Glassnode and this was interesting to me. This is reported by a website. As mining started out, it used to be a grassroots movement. It was done in the home, in the garage, and over time, it was consolidated into the larger players like your Marathon Digital, which have thousands and thousands of miners. New consolidated miners are keeping the majority of the currency that they mine. They don't have to sell Bitcoins because they are raising funds through venture capital, stock market and other methods. This was interesting. It was the first time since November that there was a net outflow from the miners. 900 new Bitcoins are mined every day. The supply is increasing over time. Selling more than the new supply. They are holding almost everything if you look over the last three months and last six months. It's interesting to think about what will drive supply and demand here. I've said it many times on the show, but the circulating supply doesn't increase as often as we'd like.

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Chris MacDonald doesn't have a position in any of the stocks. Jon Quast has a stake in the digital currency. No one has a position in any of the stocks mentioned. The Motley Fool has a stake in the digital currency. There is a disclosure policy at The Motley Fool.

Source: www.fool.com