Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) Stock Price Up 3.7% – Still a Buy?

Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) was up 3.7% on Thursday . The company traded as high as $58.82 and last traded at $57.19. Approximately 351,060 shares changed hands during trading, a decline of 46% from the average session volume of 647,119 shares. The stock had previously closed at $55.13.

Valkyrie Bitcoin Miners ETF Stock Performance

The company has a 50 day simple moving average of $62.19 and a 200-day simple moving average of $49.37.

Hedge Funds Weigh In On Valkyrie Bitcoin Miners ETF

A number of large investors have recently modified their holdings of the company. Comerica Bank bought a new position in Valkyrie Bitcoin Miners ETF during the fourth quarter valued at approximately $383,000. Mission Wealth Management LP purchased a new stake in shares of Valkyrie Bitcoin Miners ETF in the 4th quarter valued at $346,000. Maridea Wealth Management LLC grew its holdings in shares of Valkyrie Bitcoin Miners ETF by 36.1% during the 4th quarter. Maridea Wealth Management LLC now owns 93,388 shares of the company’s stock valued at $3,574,000 after purchasing an additional 24,774 shares during the last quarter. JPMorgan Chase & Co. raised its position in Valkyrie Bitcoin Miners ETF by 1,303.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,573 shares of the company’s stock worth $247,000 after purchasing an additional 5,176 shares during the period. Finally, Strategic Advocates LLC bought a new stake in Valkyrie Bitcoin Miners ETF in the third quarter worth $80,000. 24.15% of the stock is owned by hedge funds and other institutional investors.

About Valkyrie Bitcoin Miners ETF

The Valkyrie Bitcoin Miners ETF (WGMI) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund provides active exposure to companies that derive at least 50% of their revenue from bitcoin mining operations and/or services related to bitcoin mining. WGMI was launched on Feb 7, 2022 and is managed by Valkyrie.