Markets, Oracle, WGMI, ETF, News The ETF climbed past its debut price as Oracle’s AI-fueled cloud surge lifted tech momentum.
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.
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