WGMI ETF Awaits Miner Earnings Amid AI Infrastructure Shift

CoinShares’ Bitcoin Mining ETF WGMI faces an earnings test this week as several of its largest holdings deliver quarterly reports while shifting operations toward artificial intelligence and high-performance computing contracts.

Cipher Digital, the ETF’s largest holding, reported Tuesday. The company posted a wider loss year over year. CEO Tyler Page wrote in the earnings statement, “On the business development front, we built on the strong momentum from last year by signing our third AI data center campus lease with an investment-grade Hyperscale tenant in the first quarter.” Page added, “Looking forward, we will continue to build on this momentum and establish ourselves as the leading HPC development platform.”

Hut 8, TeraWulf and Core Scientific, each among WGMI’s top 10 components, are scheduled to report later in the week. Each company has disclosed agreements or development plans tied to AI infrastructure and high-performance computing.

Industry tallies show the four pure-play miners reporting this week have booked more than $30 billion in AI and HPC contracts. Public miners collectively hold over $70 billion in cumulative AI agreements.

IREN Ltd., the ETF’s third-largest holding, announced a $625 million acquisition of Mirantis. IREN noted the deal strengthens its cloud infrastructure and enterprise operations and supports an expansion of AI cloud services. Mirantis is a vendor partner of NVIDIA’s AI Cloud initiative.

WGMI has been marketed as an earnings-driven ETF because multiple large components report within a short period. Investors and analysts will review revenue, contract status, capital expenditures, progress on AI campus construction, lease terms with hyperscale tenants, deployment timing and plans to monetize HPC contracts when earnings are released.

Cipher’s filing combined year-over-year losses with management statements about new leases and development plans. Upcoming quarterly disclosures from the other issuers will provide revenue detail and updates on the status and timing of signed AI agreements.