Bitcoin Miners Pivoted to AI-Only to Find It's Just as Turbulent as Crypto — WSJ

What happened

Keel Infrastructure chief executive Ben Gagnon said he shifted bitcoin-mining facilities toward AI data centers last year, seeking to reduce exposure to crypto. The CoinShares Bitcoin Mining and Digital Power ETF rose 72% in 2025 but is down 23% so far this year, amid a selloff affecting AI-related shares and data-center providers.

Confirmed

Global impact / market context

The shift from bitcoin mining to AI data centers has not removed business risk: the article says the fund owns both miners making that transition and data-center providers, leaving it exposed to the AI selloff. For companies with heavy debt, higher borrowing costs can add pressure when investors question future AI revenue.

Analyst inference

The article describes a volatile change in investor appetite: the fund gained 72% in 2025 during an AI rally, then fell 23% so far this year. It links recent selling to doubts about AI data-center businesses and their ability to support debt with revenue.

Confirmed

What to watch

1. Watch whether the fund’s decline continues or reverses; its holdings include CoreWeave, Nebius, Core Scientific, CleanSpark and other miners transitioning into data centers. Analyst inference
2. Track whether AI data-center providers can demonstrate substantial revenue beyond AI data centers, a concern raised in the article about access to debt markets. Analyst inference
3. Watch borrowing costs and debt pressure at neocloud providers, which the article identifies as factors squeezing these companies during the recent selloff. Confirmed

Affected assets

• BTC — Bitcoin

Evidence

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