Bitcoin miner ETFs have recently outperformed spot Bitcoin ETFs despite a tough 4Q25 for miners due to lower Bitcoin prices and higher network competition. The sector is evolving beyond mining, with companies increasingly leveraging their infrastructure for AI, data centers, and high-performance computing, which has attracted investor interest. Major miners like IREN, Core Scientific, and TeraWulf are generating significant revenue from these new areas, helping miner stocks remain resilient. There are few pure-play Bitcoin mining ETFs, with CoinShares' WGMI and Grayscale's MNRS leading the space, while broader blockchain ETFs also hold mining stocks but with more diversified crypto exposure. This shift signals growing investor recognition of Bitcoin miners as broader digital infrastructure plays rather than just niche crypto proxies.
