Ex-OpenAI Fund Reveals Big Bitcoin Miner Bets in SEC Filing

Former OpenAI researcher Leopold Aschenbrenner's hedge fund has disclosed massive Bitcoin miner and AI infrastructure bets totaling $5.52 billion in US equity positions, according to its latest 13F filing with the SEC. The Q4 2025 disclosure from San Francisco-based Situational Awareness LP reveals a portfolio built on the thesis that power plants and data centers will be the true winners of the AI revolution.

Aschenbrenner's Portfolio Targets AI Power Infrastructure

The fund's 13F filing shows a concentrated portfolio across just 29 holdings, with value clustered in a handful of AI infrastructure names. Key positions include GPU cloud provider CoreWeave, fuel cell specialist Bloom Energy, chipmaker Intel, optics maker Lumentum, and Bitcoin miner-turned-AI infrastructure operator Core Scientific, according to SEC records.

Aschenbrenner first gained attention after publishing his widely read "Situational Awareness" manifesto on the race to advanced AI. He parlayed that profile into capital from prominent tech founders, family offices, and institutions, building a fund that now manages more than $1.5 billion in assets.

How Fast Did the Fund's Equity Exposure Grow?

Situational Awareness LP expanded at a remarkable pace, scaling from roughly $254 million in US equity and options positions in Q4 2024 to over $5.5 billion by Q4 2025, according to SEC filings. The fund had $383 million in assets in early 2025 before its buying spree accelerated.

Over that period, Aschenbrenner built sizable stakes in Bitcoin mining and energy infrastructure firms including IREN, Cipher Mining, Riot Platforms, Bitdeer, and Applied Digital. The strategy reflects his conviction that power-rich compute facilities represent scarce, high-value assets in the emerging AI economy.

Bitcoin Miners Pivot From Hashrate to AI Hosting

The fund's thesis aligns with a broader transformation in Bitcoin mining. After the latest halving compressed block rewards, large miners have begun repurposing their high-density, power-rich sites as AI hosting hubs, treating megawatts and data center capacity as premium assets in the compute economy.

Core Scientific has executed a series of 12-year high-performance computing hosting contracts with AI cloud firm CoreWeave. MARA acquired a 64% stake in French computing infrastructure operator Exaion, expanding into AI and cloud services. These deals illustrate the industry shift from pure Bitcoin mining toward diversified compute hosting.

Situational Awareness LP disclosed a 9.4% stake in Core Scientific through an amended Schedule 13D, representing 28,756,478 shares with shared voting and disposition power. This position gives the fund a leveraged bet on CoreWeave's expansion and Core Scientific's transition from Bitcoin mining to AI and high-performance computing.

What Does This Mean for the AI-Crypto Convergence?

Aschenbrenner's allocation signals growing institutional confidence that Bitcoin mining infrastructure and AI compute demand are converging into a single investment thesis. The concentrated bets suggest well-capitalized miners with abundant power capacity stand to benefit disproportionately as AI workloads surge.

On the other side, Situational Awareness LP has taken a short position in Indian IT giant Infosys, wagering that large language models and AI coding tools will pressure the traditional outsourced software services model. The pairing of long AI infrastructure positions with short legacy IT exposure underscores the fund's view that the AI revolution will reward physical infrastructure owners while squeezing labor-intensive service providers.