Hedge Fund with $1.1B in Bitcoin Miner Stocks Seeks Capital After AI Sell-Off: FT

Situational Awareness, a hedge fund founded in 2024 by former OpenAI researcher Leopold Aschenbrenner, has approached investors and lenders for fresh capital after suffering heavy losses in the recent AI stock sell-off. The fund, which reportedly manages around $20 billion in assets, has also offered some investors the option to buy portfolio assets. Key positions include approximately $1.1 billion in Bitcoin miner stocks such as IREN, Core Scientific, Riot Platforms, and CleanSpark. Aschenbrenner, who predicted AGI machines will outpace college graduates by the end of the decade, argued that the sell-off created attractive investment opportunities.

This move signals a deep reassessment of crypto markets' ties to the AI sector, with Bitcoin miners pivoting to AI computing power potentially reshaping market dynamics.