CoinShares Bitcoin Mining ETF (WGMI) hits record high amid AI-related capital flows

The CoinShares Bitcoin Mining ETF (WGMI) has reached a new all-time high, fueled by growing investor interest in companies bridging Bitcoin mining and artificial intelligence. As capital flows toward firms with strong data center capabilities, mining operations that also provide AI hosting and computing services are attracting renewed attention—and valuation.

Reasons behind the rise

WGMI’s surge reflects the growing synergy between Bitcoin mining and AI infrastructure. Investors are increasingly drawn to companies that can efficiently use the same energy and hardware for both mining and machine learning tasks. This dual-purpose approach makes such assets more capital-efficient and positions WGMI as a unique vehicle to capture value from both Bitcoin and the AI boom.

Holdings, services and operational strategies

WGMI includes leading mining and infrastructure firms like Iris Energy (IREN), Cipher Mining, TeraWulf, Riot Platforms, and Core Scientific. These companies not only mine Bitcoin but also offer colocation, hosting, and GPU-based AI processing services. Many leverage low-cost renewable energy sources and strategic locations to maintain profitability. Their ability to dynamically shift computing power between mining and AI workloads maximizes hardware utilization and reduces downtime.

Risks and investor considerations

Despite the record high, risks remain. Bitcoin’s price volatility directly impacts mining revenue and stock performance. Spikes in energy prices can squeeze margins, and evolving regulations could introduce new compliance costs or environmental requirements. Investors should look beyond short-term momentum and evaluate each company’s infrastructure quality, energy agreements, and real exposure to AI demand.