Bitcoin Is Down 44% and Its Miners Are Up 90%. The AI Pivot Explains Everything.

Quick Read

• WGMI surged 97% while bitcoin dropped 46%, as CORZ and RIOT pivoted from mining to signing multi-billion-dollar AI infrastructure leases.

• Investors wanting direct bitcoin exposure should use IBIT, not WGMI, which now behaves as an AI infrastructure landlord, not a crypto proxy.

• Hyperscaler capex from NVIDIA and Microsoft now drives WGMI more than bitcoin, as the fund's bull case rests on 15-year AI leases.

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The Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) is up 97% over the past year even though bitcoin has lost 46% of its value in the same window. The divergence has one cause: WGMI holds bitcoin miners, and the miners have quietly stopped being bitcoin miners. AI leasing deals at Riot, Core Scientific, and IREN have decoupled WGMI from the coin it was designed around, and anyone still treating this fund as a leveraged BTC proxy is looking at something that no longer behaves that way.