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Blockchain ETFs Shine
ETF top story for the week of July 3 to 7, 2023.
By Trackinsight
July 10, 2023
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The Blockchain theme kicked off July with roaring returns of 2.72%. A remarkable start to the month given the surprisingly strong jobs data which sent shockwaves through the stock and bond markets.
It's difficult to explain why blockchain funds are shining. Historically, they have been positively correlated to cryptocurrency funds, however, while blockchain posted a significant gain over the first week of July the cryptocurrency theme was down in the wake of hawkish Fed minutes and red-hot U.S. job data.
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Upon closer analysis of the theme’s performance, it appears that the blockchain rebound can be primarily attributed to two stocks:
- Iris Energy (IREN), a leading owner and operator of proprietary Bitcoin mining data centers powered by 100% renewable energy, soared by 43.13% as several equity analysts boosted their price objective on the company’s shares;
- Cleanspark (CLSK), a top Bitcoin mining company, jumped 39.86% as the company's bitcoin holdings grew 170% quarter over quarter.
As a result, funds such as the VanEck Crypto and Blockchain Innovators UCITS ETF (DAPP) and the WisdomTree Blockchain UCITS ETF (WBLK) enjoyed strong performance, gaining 13.41% and 15.04% respectively.
Group Data
Funds Specific Data : DAPP, WBLK
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