Valkyrie Bitcoin Miners ETF surges 97% as AI leasing shifts fund away from bitcoin price moves

The Valkyrie Bitcoin Miners ETF (WGMI) has risen 97% over the past year despite bitcoin falling 46%, due to its holdings shifting from traditional bitcoin mining to AI leasing deals. Companies like Riot, Core Scientific, and IREN have signed multi-billion-dollar AI infrastructure leases, decoupling WGMI’s performance from bitcoin’s price. The fund now depends heavily on AI hyperscaler capital expenditures, with long-term leases driving value rather than bitcoin mining profitability. Investors seeking direct bitcoin exposure should consider spot bitcoin ETFs instead, as WGMI behaves more like an AI infrastructure play now. Future performance hinges on AI capex trends and fund manager rebalancing.