Key takeaways
The AI Fund Bought the Mining Map
Leopold Aschenbrenner's Situational Awareness LP disclosed a portfolio that looks less like a simple chip trade and more like a bet on where high-density compute can physically exist. TheStreet reported that the former OpenAI researcher and artificial intelligence (AI) safety figure held stakes in companies that began as Bitcoin miners and now sit on power, land, interconnections, and data center ambitions.
The disclosed names include IREN, Core Scientific, Riot Platforms, CleanSpark, Bitfarms, now known as Keel Infrastructure Corp., Bitdeer, and HIVE Digital. Those are not identical businesses, but public markets increasingly bucket them together as AI and high-performance computing (HPC) infrastructure candidates. The pitch is straightforward: miners already fought the hard battle for cheap power and grid access.
The 13F Shows Long Miners and Chip Puts
The Securities and Exchange Commission (SEC) information table shows the scale of the positioning as of March 31, 2026. IREN appears at 11,698,835 shares valued at $401,036,064. Core Scientific appears at 26,008,473 shares valued at $389,086,756. Riot was listed at 11,502,137 shares valued at $142,166,413, while CleanSpark was listed at 12,276,139 shares valued at $104,469,943.
The other side of the book is just as loud. The filing lists put positions valued at about $1.57 billion against Nvidia and $969 million against Advanced Micro Devices (AMD). It also lists large puts tied to the VanEck Semiconductor exchange-traded fund, Oracle, Broadcom, Taiwan Semiconductor Manufacturing Company (TSMC), Micron, Intel, and ASML. Blockspace reported the portfolio at $5.52 billion in U.S. equities, with roughly $8.7 billion in notional put exposure across semiconductor and AI-linked names.
Quarter-End Snapshots Have Limits
The trade should not be overread as a full portfolio map. A Form 13F shows certain long U.S. equity and listed options positions at quarter-end. It does not show cash, swaps, short sales, private investments, or positions changed after March 31. Blockspace made that limitation explicit, and it matters when the public narrative turns one filing into a grand unified theory.
Even with that caveat, the quarter-over-quarter miner exposure moved sharply. Blockspace reported CleanSpark rose to 12.28 million shares from 1.64 million, Bitfarms or Keel rose to 19.88 million from 6.90 million, Riot rose to 11.50 million from 6.17 million, Bitdeer rose to 3.44 million from 1.79 million, and IREN rose to 11.70 million from 8.70 million. Core Scientific was trimmed but remained one of the larger common-stock positions.
"Miners are the new data centers"
Why It Matters
Bitcoin miners are being repriced for something beyond block rewards. The market now sees power contracts, substations, land, cooling, and grid relationships as scarce infrastructure for AI. That can be bullish for miner equity, but it also changes the incentive mechanism. A miner can chase hashprice, sell compute to AI customers, or pivot capacity when HPC margins look better than mining. Bitcoin does not need every public miner to stay pure. The network needs competitive hashrate, energy flexibility, and operators who can survive brutal cycles. For investors, this filing says the picks and shovels trade has moved from chips to power. For Bitcoiners, it says mining infrastructure is becoming strategic real estate.
