Core Scientific Inc. (CORZ) secured access to $500 million in financing from JPMorgan Chase Bank Monday. That capped a two-deal financing push. It brought the bitcoin miner $1 billion in total commitments from two major Wall Street banks in less than three weeks. The deal follows an initial $500 million commitment from Morgan Stanley announced earlier this month, according to Core Scientific press releases. The miner represents the fourth-largest holding in the CoinShares Bitcoin Mining ETF (WGMI ) at 7.5% of the fund’s $184.8 million portfolio.
Core Scientific CEO Adam Sullivan said the financing positions the company to accelerate infrastructure delivery and meet demand for its data center services. The company will use proceeds to fund equipment purchases, property acquisitions and energy procurement agreements as it converts facilities from bitcoin mining to artificial intelligence workloads.
Core Scientific operates 11 data center facilities across seven states. It currently derives most revenue from earning digital assets. However, the company expects to rapidly increase revenue from high-density colocation services as facilities transition to AI workloads.
The miner’s shares returned 94.8% over the past year and gained 8.4% year-to-date.
Mining Portfolio Concentration
WGMI concentrates heavily in pure-play mining companies. Cipher Digital Inc. (CIFR) represents the fund’s largest holding at 16.7%, followed by IREN Limited (IREN) at 15.5% and TeraWulf Inc. (WULF) at 10.3%, according to ETF Database. The top 10 holdings make up over 79% of the portfolio.
The fund launched in February 2022. It holds 26 positions spanning bitcoin miners, AI infrastructure providers and semiconductor companies including Nvidia Corp. (NVDA) at 3.2% and Taiwan Semiconductor Manufacturing Co. (TSM) at 0.86%.
WGMI invests at least 80% of its assets in companies that derive at least 50% of their revenue or profits from bitcoin mining operations or from providing specialized hardware and software to miners, according to the fund’s prospectus. The actively managed fund seeks total return by selecting miners the advisor believes are well positioned for capital appreciation.
That strategy has delivered strong recent performance. The fund returned 166.2% over the past year and posted a 1.43% gain over the past month, with $3.78 million in net inflows during that period, according to ETF Database. The fund carries a 0.75% expense ratio.
For more news, information, and strategy, visit the CoinShares Crypto ETF Hub.
