On September 22, Grayscale's Bitcoin mining ETF, previously known as MNRS (MNRS.US), officially rebranded to the Grayscale AI Compute ETF, with its ticker changing to GCPU (GCPU.US), signaling a strategic pivot in its investment focus from pure crypto mining toward artificial intelligence infrastructure.

The fund remains listed on NYSE Arca, but its underlying strategy has been completely overhauled to span AI, GPU cloud services, data center hosting, high-performance computing, and accelerated computing hardware sectors.

Data gathered by Woofun AI shows that GCPU (GCPU.US) currently holds stakes in 27 companies, with IREN (IREN.US), Hut 8 (HUT.US), and Applied Digital (APLD.US) ranking among its largest positions, while NVIDIA (NVDA.US) is also included, reflecting the convergence of digital asset infrastructure with specialized computing power demand.

This transformation is built on the existing advantages of large mining facilities in electricity, land, cooling systems, and grid connectivity, resources that are equally applicable to other energy-intensive computing tasks. However, given the significant differences in hardware requirements, customer profiles, and revenue models, Bitcoin mining and AI data center operations are not interchangeable substitutes but rather complementary in their evolution.

IREN (IREN.US) serves as a typical example, with its contracted annualized revenue reaching $4 billion for 2026, AI cloud services revenue of $128.8 million, and Bitcoin mining revenue of $578.2 million in fiscal 2026, demonstrating the potential for business diversification.

Hut 8 (HUT.US) further confirms the sustained competitiveness of mining firms in the high-performance computing space through its Highrise AI platform, which supports large-scale model training and deployment.