Bitcoin Outperforms Grayscale’s AI Compute ETF As AI Cloud Stocks Slide

Grayscale has recently added CoreWeave, Nebius and DigitalOcean to its AI Compute ETF, which together make up about 26% of the fund.

• Bitcoin slipped 4.7% over the past month, while Grayscale’s AI Compute ETF dropped 32%.
• Grayscale’s ETF bounced on Tuesday but still trades well below its 200-day moving average.
• Bitcoin miners Hut 8, IREN, Core Scientific and TeraWulf hold about 24.4% of the fund as they shift toward AI hosting.

Bitcoin (BTC) has outperformed Grayscale’s AI Compute ETF (GCPU) over the past month, even as the asset manager added AI compute stocks to the fund, moving away from a pure Bitcoin mining play. 

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. 

Grayscale’s push came at a rough time for the fund, while GCPU dropped 32% over the past month. In contrast, Bitcoin slipped only 4.7% over the same period. The ETF bounced about 5% to $25.13 on Tuesday, but it still sat well below its 200-day moving average of roughly $35.31.

Grayscale’s AI ETF Trails Bitcoin

GCPU stock was up over 5% during midday trading. On Stocktwits, retail sentiment for GCPU remained in the ‘neutral’ zone, while chatter around it shifted to ‘extremely low’ from ‘low’ over the past day.

The gap widened even more over a longer stretch, as the fund lost about half its value over the past year, while Bitcoin was down about 30%. 

Bitcoin’s price was down by only 0.2% during the past 24 hours, trading around $80,500. On Stocktwits, retail sentiment around BTC remained in the ‘bearish’ zone, while chatter stayed at ‘normal’ levels over the past day. 

From Miners To AI Compute

Grayscale renamed the fund on September 22, which was previously known as the Grayscale Bitcoin Miners ETF (MNRS). 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 fund. CoreWeave (CRWV) makes up 8.76% of its assets, Nebius (NBIS) holds about 8.67%, and DigitalOcean (DOCN) 8.37% – which together make about 26% of the fund. 

Bitcoin miners still held a sizable share, though their combined weight is smaller than that of the three cloud firms. Hut 8 (HUT), IREN (IREN), Core Scientific (CORZ) and TeraWulf (WULF) together accounted for about 24.4%, according to Grayscale’s data. All four still mine Bitcoin but have been gradually shifting more of their computing capacity toward AI hosting.

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