WGMI surges past debut price, lifted by Microsoft’s GPU deal and Oracle’s cloud momentum
The CoinShares Bitcoin Mining ETF (WGMI) climbed 12% to a record $33.13 on Tuesday, marking a 44% gain year-to-date, as surging demand for artificial intelligence (AI) infrastructure fueled strong gains in crypto mining and tech-related equities.
Mining ETF outpaces expectations
WGMI, which launched at around $30, has now exceeded its debut level, managing $175.7 million in assets with an expense ratio of 0.75%. The fund’s rise has been driven by standout performances in its top holdings:
- Iris Energy (IREN), up 188% year-to-date
- Cipher Mining (CIFR), climbing 90% year-to-date
Analysts say the performance underscores the convergence of Bitcoin mining and AI infrastructure demand, with miners increasingly pivoting toward high-performance computing.
AI momentum drives sector gains
The latest rally was sparked by Nebius Group’s $17.4 billion agreement to supply GPUs to Microsoft, a move that highlighted the scale of investment flowing into AI-focused infrastructure.
“This deal illustrates how crypto miners and AI infrastructure providers are benefiting from the same technological wave — massive demand for GPUs and computing power,” said a market strategist following the ETF’s performance.
AI enthusiasm also lifted broader tech stocks. Oracle surged 30% in pre-market trading on Wednesday after raising its cloud revenue growth forecast to 77%, citing soaring AI-related demand. The firm’s backlog expanded to $455 billion, a 359% increase, supported by large-scale AI-driven cloud contracts.
The success of WGMI highlights the shifting perception of Bitcoin mining equities as both crypto and AI plays. With miners investing in GPU capacity and diversified revenue streams, the sector is attracting investors looking for exposure to both markets.
“What we’re seeing is a structural re-rating of mining companies — no longer just tied to Bitcoin cycles but also to the AI supercycle,” said BITX industry analyst.
As AI adoption accelerates and institutional interest in digital assets grows, WGMI’s momentum suggests that hybrid crypto-AI investment products may continue to outperform in the coming quarters.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.