Crypto Goes Bananas While AI Flexes Its Muscles 💸🤖

by

Markets

What to know:

  • WGMI shares touched $33.13, which is basically like finding $33 on the sidewalk, up 44% year-to-date thanks to IREN (+188%) and Cipher Mining (+90%). Someone’s grandma is probably crying tears of joy.
  • Oracle’s $455B backlog and their upgraded 77% cloud revenue growth forecast mean AI is basically the rock star of spreadsheets and servers.

The CoinShares Bitcoin Mining ETF (WGMI) jumped 12% to an all-time high of $33.13 on Tuesday, spurred by Nebius Group’s $17.4 billion GPU romance with Microsoft. Crypto miners and AI stocks everywhere were suddenly dancing like nobody was watching.

The fund is now 44% higher than it started this year, comfortably ignoring its humble beginnings around $30. It’s like it had one espresso too many and just can’t calm down.

The top two holdings have been the divas of this market opera:

  • IREN (IREN) skyrocketed 188% – possibly fueled by caffeine or sheer luck.
  • Cipher Mining (CIFR) climbed 90% – probably because it whispered sweet nothings to the blockchain.

WGMI manages $175.7 million in assets with an expense ratio of 0.75%, which is financial-speak for “we take a tiny bite out of your money but promise not to chew too loudly.”

AI momentum

The Nebius-Microsoft GPU deal sent AI-focused mining stocks into a frenzy Tuesday, like cats seeing a laser pointer. AI mania even rubbed off on Oracle (ORCL), which surged 30% in pre-market trading Wednesday. The database company, now pretending it’s a cloud whisperer, raised its cloud revenue growth forecast to 77% because apparently AI wants everything – even cloud-based coffee machines.

Oracle’s backlog skyrocketed 359% to $455 billion, fueled by AI contracts so massive they might need their own zip code.

Read More

2025-09-10 14:22