Key Takeaways
- • Grayscale's AI Compute ETF (GCPU) fell 32% over the past month, while Bitcoin slipped only 4.7% over the same period, according to Stocktwits.
- • Grayscale renamed the fund from the Grayscale Bitcoin Miners ETF (MNRS) on September 22 and now tracks high-performance computing (HPC) companies rather than Bitcoin miners.
- • CoreWeave (8.76%), Nebius (about 8.67%) and DigitalOcean (8.37%) together make up roughly 26% of the fund, while Hut 8, IREN, Core Scientific and TeraWulf hold about 24.4%.
- • GCPU bounced about 5% to $25.13 on Tuesday but remained well below its 200-day moving average of roughly $35.31.
- • The fund lost about half its value over the past year, while Bitcoin was down about 30% over the same span.
Summary
Grayscale's AI Compute ETF (GCPU) has underperformed Bitcoin over the past month even as the asset manager expanded the fund's holdings toward AI compute stocks, according to Stocktwits. On Tuesday, Grayscale named CoreWeave (CRWV), Nebius Group (NBIS) and DigitalOcean (DOCN) among the companies powering the AI buildout and pointed investors to GCPU for exposure to the sector. The push came at a difficult time for the fund, which dropped 32% over the past month, while Bitcoin slipped 4.7% over the same period.
GCPU rose about 5% to $25.13 during Tuesday trading but remained well below its 200-day moving average of roughly $35.31. Over a longer horizon the gap widened: the fund lost about half its value over the past year, while Bitcoin was down about 30%. Bitcoin traded around $80,500 with a 0.2% decline over the prior 24 hours. Stocktwits reported retail sentiment for GCPU in the 'neutral' zone, with chatter shifting to 'extremely low' from 'low', and retail sentiment for BTC in the 'bearish' zone.
The fund was previously known as the Grayscale Bitcoin Miners ETF (MNRS) before Grayscale renamed it on September 22. Its underlying index now tracks high-performance computing (HPC) companies rather than Bitcoin miners. AI cloud companies, which rent out computing power to AI developers, now lead the portfolio. Bitcoin miners still hold a meaningful share, with Hut 8 (HUT), IREN (IREN), Core Scientific (CORZ) and TeraWulf (WULF) together accounting for about 24.4% of assets according to Grayscale's data. These firms continue to mine Bitcoin but have been gradually shifting more computing capacity toward AI hosting.
GCPU rose about 5% to $25.13 during Tuesday trading but remained well below its 200-day moving average of roughly $35.31. Over a longer horizon the gap widened: the fund lost about half its value over the past year, while Bitcoin was down about 30%. Bitcoin traded around $80,500 with a 0.2% decline over the prior 24 hours. Stocktwits reported retail sentiment for GCPU in the 'neutral' zone, with chatter shifting to 'extremely low' from 'low', and retail sentiment for BTC in the 'bearish' zone.
The fund was previously known as the Grayscale Bitcoin Miners ETF (MNRS) before Grayscale renamed it on September 22. Its underlying index now tracks high-performance computing (HPC) companies rather than Bitcoin miners. AI cloud companies, which rent out computing power to AI developers, now lead the portfolio. Bitcoin miners still hold a meaningful share, with Hut 8 (HUT), IREN (IREN), Core Scientific (CORZ) and TeraWulf (WULF) together accounting for about 24.4% of assets according to Grayscale's data. These firms continue to mine Bitcoin but have been gradually shifting more computing capacity toward AI hosting.
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