The CoinShares Valkyrie Bitcoin Mining ETF (WGMI) has reoriented its investment strategy in 2025, moving from a primary focus on Bitcoin mining to embracing AI and cloud infrastructure. This shift comes in response to significant challenges in the mining sector, including the 2024 Bitcoin halving, increased energy costs, and heightened regulatory scrutiny. Key holdings such as Iris Energy and Cipher Mining have secured substantial AI infrastructure contracts with major tech companies like Microsoft, NVIDIA, and Amazon Web Services. This strategic pivot has bolstered the ETF's performance, resulting in a 74.7% year-to-date gain and $261 million in assets under management. Despite the improved performance, the change has sparked debate over the ETF's alignment with its original investment goals.