Grayscale Transforms Bitcoin Miners ETF Into AI Compute Fund With New GCPU Ticker

• Grayscale changed MNRS into GCPU and renamed the fund the Grayscale AI Compute ETF on September 22.
• The ETF now tracks the Indxx High Performance Computing Index and charges a 0.59% expense ratio.
• Despite the new mandate, major holdings such as IREN, Hut 8 and Applied Digital keep the portfolio closely connected to companies that operate across Bitcoin mining and AI-oriented computing infrastructure.
  

  ---

Grayscale Bitcoin Miners ETF has been repositioned as an AI infrastructure vehicle, with the former MNRS fund becoming the Grayscale AI Compute ETF under the new GCPU ticker on September 22. The change shifts its stated focus from Bitcoin mining toward high-performance computing, data centers and the power infrastructure supporting artificial intelligence.

Grayscale AI Compute ETF (Ticker: $GCPU) is now trading.

Why AI Compute?
⟶ AI's growth is constrained by physical compute. Data centers have just six months of capacity¹, and new ones take two to five years to build².

⟶ AI infrastructure capex is projected to exceed $1… pic.twitter.com/GLltjlptee

— Grayscale (@Grayscale) September 22, 2026

The restructuring changes the fund’s investment objective and underlying index rather than simply adding AI companies to an existing mining strategy. GCPU is designed to provide exposure to businesses involved in AI and GPU cloud services,>ETF remains listed on NYSE Arca and holds 27 companies. Data available after the conversion shows IREN, Hut 8 and Applied Digital among its largest positions, followed by several other mining-related names, while Nvidia also appears in the portfolio. That mix gives investors exposure to the growing overlap between digital-asset infrastructure and demand for specialized computing capacity.

The shift reflects a broader change among some Bitcoin miners. Large mining facilities already require substantial electricity, land, cooling systems and grid connections, which can potentially support other power-intensive computing workloads. However, Bitcoin mining and AI decoding="async">

Mining Infrastructure Connects Bitcoin And AI

IREN provides a notable example of that transition. The company reported $4 billion in contracted annualized revenue for 2026 capacity and said its AI Cloud Services revenue reached $128.8 million in fiscal 2026, while Bitcoin mining revenue remained $578.2 million. Its expansion shows how companies that began with crypto mining can develop additional businesses around GPU infrastructure.

Hut 8 is pursuing a similar multi-compute approach, operating Bitcoin mining infrastructure alongside traditional cloud and AI cloud businesses. Its Highrise AI platform is designed for production-scale model training and deployment, reinforcing why mining-related companies can remain relevant inside an ETF focused on high-performance computing.