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31 July 2025
Once considered the digital wild west of crypto enthusiasts, Bitcoin mining has matured into a full-fledged global industry—and it’s booming. As Bitcoin’s price continues its upward trajectory, institutional investors and ETF providers are turning their focus not just to the asset itself, but to the ecosystem supporting it. At the core of this transformation lies the Indxx Bitcoin Miners Index, a tool offering structured exposure to the companies powering the blockchain behind the world’s most valuable cryptocurrency.
Bitcoin mining has come a long way since the days of solo CPU miners. In 2013, the introduction of ASIC (Application-Specific Integrated Circuit) miners marked a turning point, ushering in industrial-scale operations and significantly increasing competition.1 Today, mining is dominated by firms like MARA Holdings, formerly Marathon Digital, which mined 750 BTC in January 2025 alone and now holds over 46,000 BTC on its balance sheet.2
This surge in professionalization hasn’t slowed growth—instead, it has accelerated it. According to JPMorgan, the hashrate of publicly listed U.S. miners nearly doubled year-on-year, now representing 30% of the global network.3 The global Bitcoin mining hardware market is also projected to expand from $9.1 billion in 2024 to a staggering $69.1 billion by 2034, reflecting a CAGR of 22.46%.4
Following the 2024 U.S. elections and Bitcoin’s fourth halving event, the asset reached an all-time high of $105,000 in December 2024.5 Institutional enthusiasm was further fueled by the launch of spot Bitcoin ETFs, with BlackRock’s iShares Bitcoin Trust accumulating over $53 billion in AUM—making it the most successful ETF launch ever. Meanwhile, Fidelity's Wise Origin Bitcoin ETF has grown to $20 billion and is now the firm’s largest ETF.6
These macro shifts not only benefit Bitcoin itself but also drive investor interest in the companies mining it. In early 2025 alone, Bitcoin mining stock market caps surged by $4.5 billion, with Riot Platforms leading the charge at a 32% gain.
2024 marked a notable pivot for miners: beyond just securing Bitcoin’s blockchain, many are now leveraging their energy-intensive infrastructure for artificial intelligence and high-performance computing (HPC). These dual-use facilities are attracting interest from private equity firms seeking ready-made data center capacity to power AI workloads.7
Although AI requires more capital per megawatt than Bitcoin mining, the overlapping infrastructure needs (cooling, energy, hardware) make this a natural progression. The result? A diversification of revenue streams for miners—and new strategic partnerships for tech companies.
The Indxx Bitcoin Miners Index provides a transparent, rules-based gateway to this rapidly growing industry. It tracks companies globally that generate significant revenue from Bitcoin mining or provide mining infrastructure and services. Key Features:
• Global coverage of companies from both developed and emerging markets.
• Pure-play focus, with at least 85% of index weight coming from firms deriving ≥50% of revenue from mining.
• Quarterly rebalancing ensures relevance in a volatile sector.
With eligibility requirements such as a $50 million market cap and consistent trading volume, the index ensures quality while capturing market movers. In 2023 alone, the index delivered a stunning 300% return, far outpacing major benchmarks.
As the appetite for crypto exposure grows, ETF issuers are searching for differentiated products. The Indxx Bitcoin Miners Index offers just that:
• Diversified exposure without direct Bitcoin ownership: Access the crypto ecosystem through related equities, avoiding the risks of holding Bitcoin directly.
• Aligned with investor demand for crypto-adjacent equities: Targets companies benefiting from blockchain and digital asset growth, meeting rising investor interest.
• Rules-based methodology for compliance and transparency: Structured selection process ensures consistency, regulatory alignment, and clear reporting.
With rising institutional adoption, growing market capitalization, and increasing convergence between Bitcoin mining and broader tech infrastructure, the time is ripe for ETF providers to capitalize on this trend.