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CoinShares Widened WGMI Beyond Miners to Data Centres and AI Chips

The rename ends the fund's pure-miner definition and adds hyperscale data centres, AI semiconductors, power infrastructure, and quantum computing to its 80% allocation floor.

By Oliver Bradford··3 min read
CoinShares Widened WGMI Beyond Miners to Data Centres and AI Chips

Key Points

  • The rename ends the fund's pure-miner definition and adds hyperscale data centres, AI semiconductors, power infrastructure, and quantum computing to its 80% allocation floor.

CoinShares rewrote the mandate of its US-listed WGMI ETF on 18 August, dropping the pure bitcoin-miner definition that had governed the fund since launch and opening it to hyperscale data centres, AI semiconductors, grid-scale power infrastructure, and high-performance and quantum computing. The ticker is unchanged. The name is not: what traded as the CoinShares Bitcoin Miners ETF is now the CoinShares Bitcoin Mining and Digital Power ETF.

The new mandate keeps the same 80% allocation floor the old one carried, but the qualifying company definition has widened to the point of being a different product. Before, WGMI could only hold companies that drew at least half their revenue from bitcoin mining or from selling the specialised hardware and software those miners use. Now it can hold anything materially involved in bitcoin mining, hyperscale data centres, chips for AI and data-centre workloads, power generation and energy infrastructure serving those centres, or high-performance and quantum computing. The fund still does not touch bitcoin directly.

The strategy change actually went live on 11 August; the 18 August announcement is the formal renaming and the marketing push. CoinShares CEO Jean-Marie Mognetti framed it as a recognition rather than a pivot: "The line between a bitcoin miner and a digital infrastructure operator has been disappearing for two years, and the market has been waiting for someone to say so out loud." What that line actually looks like on the ground is visible in the miners the fund already tracks. Riot leased 191 megawatts of its Corsicana site to Anthropic. TeraWulf signed a 20-year data-centre lease worth $19 billion with the same customer, a contract larger than the miner's own market capitalisation. IREN raised its AI cloud target to $4 billion after selling out its first tranche. Bitdeer sold 121 megawatts of Norway compute for $4.7 billion.

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The economics behind that shift are not subtle. The April 2024 halving cut block subsidies in half, and the next one in 2028 will do the same again. Miners are sitting on permitted, energised power capacity that hyperscalers cannot obtain quickly on their own — interconnection queues at major US ISOs now stretch four to seven years — and that gap has proven more valuable to lease out than to keep pointed at bitcoin blocks. A miner with a hosted AI contract collects a fixed dollar revenue per kilowatt-hour that does not care what the hash-price is doing.

WGMI's old constraints made it hard to own that shift cleanly. If a miner diversified enough that mining fell below half of its revenue, the fund had to reweight or drop the name, exactly the wrong direction if the point was to own the miners becoming AI infrastructure businesses. Widening the definition to include hyperscale data centres and AI semiconductors also lets the fund hold companies that were never miners at all but that are on the other side of the same trade: names supplying power, transformer capacity, or the compute the miners are hosting.

The construction has an obvious commercial logic for CoinShares. AI-themed ETFs have been the fastest-growing thematic bucket in the US market for two years, and there is no other product that captures the miner-to-hyperscale crossover under a single mandate without touching bitcoin itself. The prospectus explicitly rules out direct bitcoin exposure and derivative exposure, which keeps WGMI eligible for allocators who have blanket bans on holding the underlying token.

There is a definitional risk that comes with the widening. A fund that can hold anyone materially involved in bitcoin mining, data centres, AI chips, power infrastructure, or quantum computing has a very large opportunity set, and thematic ETFs that broaden past a coherent thesis tend to end up owning the same mega-cap names as everything else. WGMI's active-manager pitch is that Bill Cannon, Rafael Zayas and Austin Wen will avoid that outcome; CoinShares Asset Management (US) runs the mandate with Vident Asset Management as sub-adviser.

The rename comes as pure-play mining exposure has been a hard sell. WGMI's own assets have tracked the broader compression of the mining thesis, and Bitwise, which runs the competing BITW fund, cut 14 per cent of its staff last week as its assets fell 31 per cent. Repositioning to catch the AI-infrastructure trade is a way to keep the fund relevant to allocators who might otherwise leave the category entirely.

The Nasdaq ticker stays WGMI. The prospectus is updated. Any performance from before 11 August was earned under the old strategy and no longer describes what investors are buying.

MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.

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