CoinShares: U.S. Data Center Grid Bottlenecks Could Push AI Revenue Share

Global digital asset investment products recorded $1.65 billion in inflows during the first three trading days of the week, according to CoinShares, following $2.94 billion in inflows during the previous week. The previous week represented the largest weekly inflow of the year, while the latest figures indicate continued demand for cryptocurrency investment products.

The figures were highlighted in an update shared on X by @WuBlockchain, citing CoinShares. Bitcoin and Ethereum accounted for most of the latest inflows, attracting $976 million and $478 million, respectively.

Meanwhile, total crypto ETP assets under management rose to about $155 billion, with year-to-date flows returning to a positive $3.4 billion.

CoinShares also highlighted a developing trend among listed Bitcoin miners, projecting that revenue generated from artificial intelligence-related activities could increase substantially as constraints on U.S. data-center power infrastructure become more pronounced.

Bitcoin and Ethereum Lead Digital Asset Inflows

Bitcoin products attracted $976 million during the first three trading days of the week, making the cryptocurrency the largest recipient of investment flows during the period.

Ethereum followed with $478 million in inflows. Together, the two assets accounted for most of the $1.65 billion recorded across global digital asset investment products.

The latest inflows followed $2.94 billion recorded during the previous week, which CoinShares identified as the largest weekly inflow of the year. The consecutive periods of positive flows have also helped push year-to-date investment flows back into positive territory.

CoinShares said year-to-date flows stood at a positive $3.4 billion. Total crypto ETP assets under management also increased to about $155 billion, reflecting the broader increase in capital held through digital asset investment products.

The figures provide a snapshot of investment activity across cryptocurrency-linked exchange-traded products and other investment vehicles tracked by CoinShares.

U.S. Power Constraints Increase Value of Data Center Capacity

Beyond digital asset investment flows, CoinShares identified an emerging opportunity involving Bitcoin mining infrastructure and growing demand for artificial intelligence computing.

The firm expects AI-related revenue to account for about 70% of listed Bitcoin miners’ revenue by year-end, up from roughly 30%.

The projected increase is linked to growing constraints on the U.S. data-center electricity grid. As demand for computing capacity rises, access to existing facilities with sufficient power infrastructure can become increasingly valuable.

Bitcoin mining companies have historically developed large-scale computing facilities and secured substantial amounts of electrical capacity to operate mining equipment. Some of that infrastructure can potentially be adapted for other high-performance computing applications, including AI-related workloads.

CoinShares’ assessment suggests that the scarcity of available power and suitable data-center infrastructure could increase the economic value of capacity already controlled by listed Bitcoin miners.

Bitcoin Miners Look Beyond Traditional Mining Revenue

The potential shift in revenue composition reflects a broader change in how Bitcoin mining companies can utilize their infrastructure.

Bitcoin mining requires significant computing power and electricity, while AI workloads also depend heavily on data-center capacity, reliable power supplies and specialized computing infrastructure. As a result, facilities built for one type of high-performance computing may offer opportunities for alternative uses where technical and commercial requirements can be met.

CoinShares estimates that AI-related revenue could rise from roughly 30% to about 70% of listed Bitcoin miners’ revenue by the end of the year.

The projection comes as U.S. data-center grid constraints become an increasingly important factor in the availability and value of powered infrastructure. Rather than focusing solely on cryptocurrency mining, some companies in the sector are positioned to explore additional revenue streams associated with computing demand.

CoinShares’ latest assessment combines continued capital flows into digital asset investment products with changing economics surrounding Bitcoin mining infrastructure. While Bitcoin and Ethereum remained the primary destinations for investment flows during the reported period, the analysis also points to AI-related computing as an increasingly significant component of the business models of listed Bitcoin miners.