Key Takeaways
- • Bitcoin slipped only 4.7% over the past month while Grayscale's AI Compute ETF (GCPU) dropped 32%, according to TradingView's report on the fund's performance.
- • Grayscale renamed the fund on September 22 from the Grayscale Bitcoin Miners ETF (MNRS) and now tracks high-performance computing (HPC) companies rather than Bitcoin miners.
- • AI cloud companies CoreWeave (8.76%), Nebius (8.67%) and DigitalOcean (8.37%) together make up about 26% of the fund, while Bitcoin miners Hut 8, IREN, Core Scientific and TeraWulf hold about 24.4%.
- • GCPU bounced about 5% to $25.13 on Tuesday but remains well below its 200-day moving average of roughly $35.31, and the fund has lost about half its value over the past year.
Summary
Bitcoin (BTC) has outperformed Grayscale's AI Compute ETF (GCPU) over the past month, even as the asset manager expanded the fund's holdings toward AI compute stocks and away from a pure Bitcoin mining exposure. According to TradingView, Bitcoin slipped 4.7% over the past month, while GCPU fell 32% over the same period. Bitcoin was trading around $80,500, down only 0.2% over the prior 24 hours.
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 fund rose about 5% to $25.13 that day but still sat well below its 200-day moving average of roughly $35.31. Over a longer horizon, the fund has lost about half its value over the past year, while Bitcoin was down about 30%.
Grayscale renamed the fund on September 22, replacing its prior name, the Grayscale Bitcoin Miners ETF (MNRS). Its underlying index now tracks high-performance computing companies rather than Bitcoin miners. AI cloud providers, which rent computing power to AI developers, now lead the portfolio, with CoreWeave, Nebius and DigitalOcean together accounting for about 26% of assets. Bitcoin miners still hold a meaningful share: Hut 8, IREN, Core Scientific and TeraWulf together account for about 24.4% according to Grayscale's data. All four continue to mine Bitcoin but have been gradually shifting more computing capacity toward AI hosting.
Stocktwits data cited in the coverage showed retail sentiment on GCPU in the 'neutral' zone with chatter at 'extremely low' levels, while sentiment on BTC was 'bearish' with chatter at 'normal' levels.
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 fund rose about 5% to $25.13 that day but still sat well below its 200-day moving average of roughly $35.31. Over a longer horizon, the fund has lost about half its value over the past year, while Bitcoin was down about 30%.
Grayscale renamed the fund on September 22, replacing its prior name, the Grayscale Bitcoin Miners ETF (MNRS). Its underlying index now tracks high-performance computing companies rather than Bitcoin miners. AI cloud providers, which rent computing power to AI developers, now lead the portfolio, with CoreWeave, Nebius and DigitalOcean together accounting for about 26% of assets. Bitcoin miners still hold a meaningful share: Hut 8, IREN, Core Scientific and TeraWulf together account for about 24.4% according to Grayscale's data. All four continue to mine Bitcoin but have been gradually shifting more computing capacity toward AI hosting.
Stocktwits data cited in the coverage showed retail sentiment on GCPU in the 'neutral' zone with chatter at 'extremely low' levels, while sentiment on BTC was 'bearish' with chatter at 'normal' levels.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.