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Bitcoin miners are positioning for AI power and data hosting demand
CoinShares said its ETF, WGMI, holds miners, data center operators, and power infrastructure stocks rather than bitcoin directly, with $323.2 million in assets as of September 21.
Bitcoin miners are reframing their businesses around power infrastructure and data center hosting for AI and hyperscale computing, according to a CoinShares webinar held Tuesday and described by ETF Trends.
The session said mining companies have spent years building grid access, including substations, transmission lines, and cooling systems, because mining requires continuous, high electricity use. It also highlighted that hyperscalers and AI developers can face long interconnect queues due to constrained high density power capacity.
CoinShares Asset Management US said miners already control energized land and gigawatt scale power contracts, which can be redeployed for AI hosting or shared high performance computing. The firm added that these setups can reduce dependence on bitcoin block reward revenue, and that some sites can switch between bitcoin mining and AI computing as demand shifts.
ETF Trends also noted that CoinShares runs the CoinShares Bitcoin Mining and Digital Power ETF (WGMI), which buys equity in miners, data center operators, and power infrastructure companies, not bitcoin itself. As of September 21, WGMI had $323.2 million in assets under management, and Nebius Group, the fund’s second largest holding at $22.2 million, reportedly mines no bitcoin.
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