CoinShares reports $2B in crypto ETP inflows as AI revenue for Bitcoin miners could hit 70%

Bitcoin miners are undergoing the corporate equivalent of a career change. According to CoinShares, publicly listed miners could derive roughly 70% of their revenue from artificial intelligence and high-performance computing by December 2026, up from around 30% earlier this year.

That projection arrives alongside a separate data point that underscores renewed appetite for crypto exposure: US spot Bitcoin ETFs pulled in approximately $1.9 billion in net inflows during the week ending August 22, 2026, the strongest weekly haul since October 2025.

The great pivot, by the numbers

Cumulative announced AI and HPC contracts among publicly listed miners now exceed $70 billion.

Core Scientific leads the pack with an expanded CoreWeave partnership valued at roughly $10.2 billion over 12 years. IREN has locked in a Microsoft GPU cloud contract worth approximately $9.7 billion over five years. TeraWulf sits on more than $12.8 billion in contracted HPC revenue.

And then there’s Hut 8, which signed a 15-year lease with Fluidstack valued at around $7 billion, backed by Google.

The driving force behind this migration is US data center grid constraints. Demand for AI compute has outstripped available power capacity, and Bitcoin miners happen to own large-scale power infrastructure, often in regions with favorable energy costs, already connected to the grid.

Why miners can’t afford to just mine

The economic math for pure-play Bitcoin mining has gotten tighter since the April 2024 halving, which cut block rewards in half. CoinShares data shows the average cash cost to produce one Bitcoin among listed miners reached approximately $80,000 in Q4 2025.

CoinShares itself has signaled where it thinks the industry is headed by rebranding its WGMI ETF to the CoinShares Bitcoin Mining and Digital Power ETF. The fund, which holds roughly $222 million to $225 million in assets under management as of August 2026, now explicitly markets the convergence of mining and AI infrastructure.

ETP inflows signal broader confidence

The $1.9 billion weekly inflow into US spot Bitcoin ETFs represents the strongest inflow period in roughly ten months.

Traditional valuation frameworks for mining companies are already shifting. Analysts increasingly evaluate these firms using metrics borrowed from data center REITs and cloud infrastructure providers: contracted backlog, power capacity in megawatts, and customer concentration risk.

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