As has been widely documented, changing is afoot in the cryptocurrency mining industry, and those changes are affecting an array of stocks and ETFs such as the CoinShares Valkyrie Bitcoin Miners ETF (WGMI).

Multiple members of the WGMI portfolio are no longer pure play bitcoin miners. Those transitions could play in investors’ favor going forward. As it is, WGMI was the best-performing non-leveraged ETF for the three years ending Dec. 31, 2025, returning an astounding 760% over that span while the next-best ETF gained “just” 542%.

Companies in the crypto miner space are transitioning to AI and hyper-performance computing (HPC) plays. These are sensible transitions because miners, including WGMI holdings, have competencies and technologies transferrable to the data center space. Investors considering WGMI should monitor miners’ AI progress because it’s essential for diversifying the companies’ revenue sources and long-term growth.

WGMI AI Ties Are Critical

Although it’s framed as bitcoin miners ETF, WGMI stands at the crossroads of AI expansion. This could benefit investors in 2026.

“Bitcoin miners have increasingly marketed themselves as power-and-rackspace operators rather than pure crypto plays, pitching their energy contracts, cooling capacity and data-center footprints to AI customers,” reported CoinDesk. “Hosting AI workloads can generate steadier cash flows than bitcoin mining during down cycles, especially for firms with cheap power, existing sites and cooling capacity.”

As it relates to AI and WGMI, the former is lifting standards for miners making the move to AI. Said another way, those companies need to prove to investors they’re legitimate AI players. There are other risks to consider. For example, bitcoin miners that remain focused on that industry while not displaying flexibility risk being left behind.

That scenario could be a reminder of the advantages offered by an ETF like WGMI. By taking a broad approach to the AI/miner intersection, market participants can mitigate some of the risks associated with selecting individual stocks only to find that those names don’t offer adequate AI exposure.

“But the AI boom also raises the bar. Data-center space is becoming a premium asset, and the best sites get bid up by hyperscalers, cloud firms and AI startups,” added CoinDesk.

Fortunately, some WGMI’s largest holdings, including IREN (IREN), Cipher Mining (CIPH) and Applied Digital (APLD), are displaying credible AI transitions.

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