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Bitcoin falls while miners ETFs rally on AI lease demand
The Valkyrie Bitcoin Miners ETF, WGMI, was up 97% over the past year even as bitcoin dropped 46% over the same window, with AI infrastructure leases now a key driver.
Bitcoin has fallen sharply over the past year, but a miners-focused ETF has moved in the opposite direction, highlighting how investors are increasingly pricing miners based on AI infrastructure demand rather than pure bitcoin exposure. Yahoo Finance reports that bitcoin was down about 46% over the past year even as the Valkyrie Bitcoin Miners ETF (WGMI) surged about 97% in the same period.
WGMI holds publicly traded miners, and the outlet says those companies have increasingly pivoted away from traditional mining economics toward long-term AI leasing arrangements. The story points to the idea that WGMI is behaving more like an AI infrastructure landlord than a leveraged bitcoin proxy.
According to Yahoo Finance, WGMI shares have traded near $53 and were up 38% year to date, while bitcoin was around $63,000 and down 28% year to date. The divergence is tied to reported AI leasing deals involving Riot, Core Scientific, and IREN.
The outlet also cites examples of large, multi-year commitments: Core Scientific signed a 15-year AMD lease worth more than $14 billion in base contracted revenue across 530 megawatts, while IREN inked a five-year, $3.4 billion NVIDIA cloud contract plus an investment of up to $2.1 billion tied to GPU deployment. It also notes Riot reported its cost to mine one bitcoin reached 70% of production value last quarter, up from 50% a year earlier, arguing mining alone would be a weaker basis for valuations versus leasing.
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