CoinShares Bitcoin Mining ETF Hits Record High as AI Stocks Extend Rally
The CoinShares Bitcoin Mining ETF (WGMI) rose 12% to a record $33.13 on Tuesday as Nebius Group’s $17.4 billion agreement to supply GPUs to Microsoft boosted crypto mining and AI-related stocks across the board
The exchange-traded fund is now 44% higher year-to-date and has surpassed its market debut level of around $30.
The top two holdings have been standout performers year-to-date:
- IREN (IREN) has surged 188%
- Cipher Mining (CIFR) has climbed 90%
WGMI manages $175.7 million in total assets with an expense ratio of 0.75%.
AI momentum
The Nebius-Microsoft deal sparked a rally in AI-focused mining stocks on Tuesday, adding to momentum from the broader AI movement.
AI euphoria also boosted Oracle (ORCL), which surged 30% in pre-market trading on Wednesday. The company, a database software developer that has pivoted to cloud computing, raised its cloud revenue growth forecast to 77% on soaring AI demand, according to Financial Times. Its backlog surged 359% to $455 billion, fueled by massive AI-driven cloud contracts.
Ripple Deepens XRP Role as Core Engine of Global Payments and Liquidity Infrastructure
Ripple is pushing aggressively into global markets while embedding XRP deeper into its financial infrastructure, as CEO Brad...
Bitcoin Diverges From Global Prices in South Korea — Third Major Discount Since FTX
With bitcoin trading between $65,962 and $73,669 this week, market data shows South Korea posted its deepest discount...
SEC Chair Pushes SEC-CFTC Regulatory Harmonization
U.S. regulators are moving to align oversight of securities and derivatives markets as SEC Chairman Paul Atkins pushes...