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Following
BTC On September 22, Toronto-based asset manager Ninepoint Partners launched its first U.S. -listed fund transaction, hoping that the bonds forged by energy links between Canada and the United States will transcend trade differences that affect the border.
Ninepoint North America Energy Independent ETF
The fund is traded on the NYSE Arca Exchange under the symbol ENRG. It brings together all companies involved in oil and gas production, pipeline transportation, nuclear energy and uranium mines, copper and key minerals to form a proactively managed investment portfolio. The combination also puts the investment fund at the center of a problem that cryptocurrency miners are very familiar with: power access. Grid connections and approved mining locations increasingly determine whether a Bitcoin miner continues mining or turns his energy to artificial intelligence and high-performance computing (HPC).
ENRG's actual position
ENRG holds 25 to 50 stocks in its portfolio with a management fee ratio of 0.65%. Its portfolio covers areas such as energy supply, transportation infrastructure, nuclear energy and uranium mines, and electrification inputs, including copper and key minerals. The fund's focus is on Canada, Mexico and the United States, although it allows up to 10% of investments to be located outside North America. Its SEC filing confirmed a 0.65% management fee rate and listed Tidal Investments as an adviser and Ninepoint Partners as a sub-adviser.
Ninepoint联席首席执行官John Wilson告诉路透社，该基金约三分之二的石油和天然气生产商将位于美国，而加拿大的管道运营商以及铀、铜和其他金属的矿工将构成这些资产类别的大部分。
论点：一体化比言辞更持久
Wilson的观点易于理解。两国在能源方面的相互依赖，早于任何单一政府上台便已存在，并不会因政治权力的更迭而被消除。
认为头条新闻中的紧张局势会在未来两年内消失，那是天真的想法。
——John Wilson，Ninepoint联席首席执行官
贸易统计数据充分说明了这种联系的紧密程度。根据美国能源信息署（EIA）的数据，2025年美国从加拿大进口的天然气日均量为86亿立方英尺。电力贸易额达32亿美元，其中来自加拿大的进口占总额的67%。根据加拿大能源监管局的数据，在此期间，加拿大占美国原油进口量的63.4%，几乎占其天然气进口量的100%。
据Ninepoint基金经理Eric Nuttall介绍，这种强烈的依赖性可以从能源安全的角度加以解释。
加密货币挖矿与电力争夺的交汇点
Ninepoint's demand theory is directly related to cryptocurrency mining. According to the International Energy Agency (IEA), power demand in data centers has increased by 17%, indicating that grid connections, substations and other infrastructure have bottlenecks in providing resources for new connections. Cryptopolitan reports that OpenAI's continued work to build computing capabilities is increasing the value of electricity, land and existing Internet networks.
Pressure is already evident in mining economics. CoinShares estimates that as of the second quarter of 2026, the weighted average after-tax cash cost of producing a Bitcoin is approximately $75,500. The company cited the staggering number in the U.S. grid queue, approximately 2,600 GW, and the latest Berkeley Laboratory report shows that by the end of 2025, more than 2,060 GW of active power generation and energy storage capacity will be in the queue waiting for grid connection. Differences may arise from different definitions of cohorts and different dates of data reporting; therefore, these numbers should not be considered exact equivalents.
According to the Cambridge Alternative Financial Center, electricity accounts for more than 80% of miners 'operating expenses. Given the high cost and scarcity of electricity, companies such as Core Scientific, Keel, Cipher and IREN are scaling back their mining capacity or stopping mining by re-engineering facilities for AI and HPC. The impact on cryptocurrencies is indirect, but still meaningful.
