WGMI’s 97% gain contrasts with BTC’s 46% drop as miners pivot to multi-billion-dollar AI leases, decoupling from crypto.
The Valkyrie Bitcoin Miners ETF (WGMI) has climbed 97% over the past year, while bitcoin fell 46% in the same period. Shares recently traded near $53, up 38% year-to-date, as miners like Riot Platforms and Core Scientific transition to AI infrastructure leases.
Bitcoin sits at $63,000, down 28% year-to-date. Riot Platforms reported mining costs reached 70% of production value last quarter, up from 50% a year earlier. Core Scientific signed a 15-year AI lease with AMD worth over $14 billion in contracted revenue.
The shift to AI leasing has driven WGMI’s performance, making it an AI infrastructure play rather than a crypto proxy. Investors seeking bitcoin exposure are advised to use direct vehicles like IBIT instead.