CoinShares Bitcoin Mining ETF Pivots to AI Infrastructure and Digital Power
The WGMI ETF expands its mandate to include hyperscale data centers and energy storage as AI demand transforms crypto mining sites into strategic power hubs.
The CoinShares Bitcoin Mining ETF (WGMI) has updated its investment mandate to include AI data centers and power companies, signaling a strategic shift beyond a sole focus on bitcoin miners. This move reflects a growing convergence between cryptocurrency infrastructure and the artificial intelligence boom.
Under the new guidelines, WGMI will invest at least 80% of its net assets in bitcoin mining and digital power companies. This expanded scope now encompasses hyperscale data centers, semiconductor suppliers, and energy storage providers. The pivot comes as listed mining firms increasingly leverage their existing power footprints to secure massive AI and High-Performance Computing (HPC) contracts.
The Race for Energized Land
For a decade, bitcoin miners developed power-dense sites equipped with secured high-voltage connections and advanced cooling systems. As AI development accelerates, the primary industry bottleneck has shifted from chip availability to "energized land"—sites that are already permitted and powered. This has transformed mining facilities into high-value real estate for AI firms requiring immediate capacity.
Several major players have already capitalized on this shift. IREN Limited secured a five-year AI cloud contract with Microsoft in Texas valued at $9.7 billion, while Hut 8 Corp signed a 15-year lease for its Beacon Point campus in Texas worth $9.8 billion. Additionally, Core Scientific has entered into 12-year hosting agreements with CoreWeave. The financial impact is already visible at the corporate level; TeraWulf reported that its AI and HPC hosting revenue surpassed its bitcoin mining income for the first time in Q1 2026, generating $21 million compared to $13 million from mining.
The Power Bottleneck
This transition is driven by an unprecedented surge in energy requirements. Global data center electricity use is projected to nearly double by 2030, rising from 485 TWh in 2025 to approximately 950 TWh, according to IEA data. This growth is driven largely by the computational demands of generative AI, making existing power infrastructure a critical strategic asset.
Strategic Implications
The convergence of crypto-infrastructure and AI highlights a shift in the digital economy where access to power has become a primary strategic moat. For investors, the WGMI ETF's pivot provides a vehicle for exposure to this "digital power infrastructure" play. However, the shift introduces new risks, including a heavy reliance on a small number of massive AI customers and the execution risks associated with multi-year construction and repurposing projects.
What to Watch
Market observers will be monitoring whether other crypto-focused funds follow WGMI's lead in diversifying into energy storage and semiconductors. While individual multi-billion dollar deals have been confirmed, the industry is still determining the total aggregate value of these transitions. The long-term success of this pivot will depend on the ability of former mining sites to maintain the rigorous uptime and stability requirements of hyperscale AI workloads.