Background

VanEck CEO Jan van Eck has a simple thesis: approve more nuclear power, and two very different industries get a boost at once.

The Connection Between AI and Bitcoin Mining

The reasoning rests on one shared constraint. AI and Bitcoin mining both run on enormous amounts of electricity, and whoever controls cheap, reliable power controls the economics of both.

The Nuclear Case

In a September 2025 interview, van Eck pointed to a major policy shift in favor of nuclear power. The driver, in his telling, is surging electricity demand from AI data centers and digital asset activity.

Bipartisan Support for Nuclear Energy

He highlighted substantial bipartisan support for nuclear energy in the US, referencing initiatives from both the current administration and the Trump administration. The headline effort is a plan aimed at quadrupling US nuclear output over the next 25 years.

The Market Impact

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Bitcoin Miners' Position

Matthew Sigel, head of digital assets research at VanEck, has argued that Bitcoin miners sit in an unusually strong position. His point is that miners already hold extensive power contracts and the physical infrastructure to use them — exactly the assets AI and high-performance computing companies are scrambling to secure.

Miners' Long-Term Power Agreements

Sigel has noted that the market values Bitcoin miners at a discount compared with traditional data center operators. He described miners’ long-term power agreements as holding an “underappreciated optionality.”

Reducing Sell Pressure

Miners have traditionally sold a portion of the Bitcoin they produce to cover operating costs, especially electricity. If miners earn revenue from AI and computing contracts, they lean less on selling Bitcoin to pay the bills.

Seller Fatigue and Miner Power Assets

Sigel has also pointed to signs of seller fatigue among Bitcoin miners, observed in October 2026. He linked that to the structural value of miner power assets as AI demand rises.

VanEck's Stake

VanEck has a stake in both sides of this story. The firm runs Bitcoin investment products alongside a nuclear-focused fund.

The VanEck Uranium and Nuclear ETF

The VanEck Uranium and Nuclear ETF, which trades under the ticker NLR, was reportedly up approximately 40% in the year. The fund drew around $2.8 billion in assets by the end of 2025.

Conclusion

For Bitcoin, the most interesting part of van Eck's argument is about who sells Bitcoin and why. If AI contracts and cheaper electricity turn miners into diversified power companies, a reliable source of supply could quietly shrink.

The Nuclear Sector

The Microsoft and Constellation deal is the clearest real-world test so far. If that Three Mile Island restart arrives early and on budget, it strengthens the case that tech demand can actually accelerate nuclear timelines.

The Things to Watch

Concrete: nuclear approvals and restart timelines, how many miners sign AI or computing contracts, and whether miner selling keeps tapering as Sigel suggests.