The CoinShares Bitcoin Mining ETF (WGMI) witnessed a significant surge, climbing 12% to reach a new high of $33.13 on Tuesday. This upswing was fueled by the Nebius Group’s massive $17.4 billion agreement to provide GPUs to Microsoft, an event that provided a substantial boost to both cryptocurrency mining and artificial intelligence-related stocks across the board.
So far this year, the exchange-traded fund has increased by 44%, exceeding its initial market launch price of approximately $30.
The fund’s two largest holdings have demonstrated exceptional performance since the start of the year:
- IREN (IREN) has skyrocketed by 188%
- Cipher Mining (CIFR) has seen an impressive rise of 90%
WGMI has $175.7 million in total assets under management, with an expense ratio of 0.75%.
AI Momentum
The agreement between Nebius and Microsoft triggered a rally in AI-centric mining stocks on Tuesday, adding to the upward trend driven by the broader artificial intelligence sector.
The overall AI excitement also benefited Oracle (ORCL), which experienced a 30% increase in pre-market trading on Wednesday. According to the Financial Times, this database software company, which has transitioned to cloud computing, increased its cloud revenue growth forecast to 77% due to surging demand for AI. Oracle’s backlog expanded by a staggering 359% to $455 billion, driven by substantial AI-related cloud contracts.