Bitcoin Miners ETF Surges 97% as AI Leases Decouple It From Bitcoin

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Summary · why it matters

The Valkyrie Bitcoin Miners ETF has surged 97% over the past year even as bitcoin fell 46%, driven by miners pivoting to multi-billion-dollar AI infrastructure leases. 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 a NVIDIA investment of up to $2.1 billion. Riot Platforms layered a 20-year, 191-megawatt lease with a frontier AI lab, pushing total contracted data-center revenue to $9.8 billion. The fund's bull case now rests on 15-year AI leases rather than hash rates, with hyperscaler capex from NVIDIA, AMD, and Microsoft driving performance more than bitcoin. Investors wanting direct bitcoin exposure should use a spot bitcoin ETF like iShares Bitcoin Trust instead of WGMI, which now behaves as an AI infrastructure landlord rather than a crypto proxy.

Impact on stocks 7

Digital Finance & Tokenization▲ · 3 stocks
IREN Ltd
IREN
▲ PositiveDemandrelevance

Inked a five-year, $3.4 billion NVIDIA cloud contract plus a NVIDIA investment of up to $2.1 billion.

Riot Platforms, Inc.
RIOT
▲ PositiveDemandrelevance

Layered a 20-year, 191-MW lease with a frontier AI lab, pushing total contracted data-center revenue to $9.8 billion.

Artificial Intelligence▲ · 3 stocks
Climate Adaptation & Water▲ · 1 stocks

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