Situational Awareness 13F Shows $5.5B Bet on Bitcoin Miners and AI Power

Leopold Aschenbrenner, a former OpenAI researcher, launched the San Francisco-based hedge fund Situational Awareness LP, which rapidly grew its US equity positions to $5.52 billion as of its Q4 2025 13F filing. The portfolio is highly concentrated, betting that the primary beneficiaries of the AI boom will be the power and infrastructure providers, not just the chatbot developers. Key holdings include GPU cloud provider CoreWeave, Bloom Energy, Intel, and Bitcoin miner-turned-AI infrastructure player Core Scientific. The fund has significantly increased its holdings, rising from about $254 million in Q4 2024 to over $5.5 billion by Q4 2025, building substantial positions in miners like IREN, Cipher Mining, Riot Platforms, Bitdeer, and Applied Digital. This strategy mirrors the trend where Bitcoin miners repurpose power-rich sites for AI hosting. Notably, Situational Awareness holds a 9.4% stake in Core Scientific, leveraging its pivot toward high-performance computing. Conversely, the fund initiated a short position against Indian IT giant Infosys, anticipating pressure on traditional outsourced software services from large language models.

(Source：Cointelegraph)