Ex-OpenAI researcher Leopold Aschenbrenner’s Situational Consciousness fund has doubled to $13.67b, with Bitcoin miners as its prime lengthy positions.
Abstract
- Aschenbrenner’s Q1 2026 13F submitting reveals fairness publicity rising from $5.5b to $13.67b, with miners together with IREN, Core Scientific, and Riot Platforms among the many prime longs.
- The fund concurrently opened $7.46b in put choices in opposition to Nvidia, Broadcom, Oracle, and the VanEck Semiconductor ETF.
- Aschenbrenner’s thesis targets Bitcoin miners for his or her energy grid entry and land, which AI corporations urgently want for knowledge heart buildout.
Aschenbrenner, who was fired from OpenAI in 2024 over an alleged data leak, filed the fund’s Q1 2026 13F with the SEC on Could 15, with the regulator accepting it on Could 18. The doc reveals disclosed fairness publicity greater than doubling from $5.52 billion at end-2025 to $13.67 billion as of March 31.
The biggest lengthy positions span Bitcoin miners IREN, Core Scientific, Riot Platforms, CleanSpark, Bitfarms, Bitdeer, and Hive Digital, alongside power and compute performs Bloom Vitality, SanDisk, and CoreWeave. As Fortune noted in its March profile, the thesis holds that “essentially the most precious belongings within the AI period might not be algorithms, however electrical energy and computing energy.”
Bitcoin miners as AI infrastructure
Aschenbrenner’s funding logic holds that AI buildout will probably be bottlenecked by energy and land, not chips. Bitcoin miners already maintain high-density energy websites and grid entry that AI corporations can not replicate shortly. His 165-page “Situational Consciousness: The Decade Forward” paper argued that compute infrastructure, not mannequin improvement, would decide the tempo of AGI progress.
The development is reshaping reported earnings throughout the sector. As crypto.information reported, TeraWulf’s AI and HPC internet hosting income of $21 million outpaced Bitcoin mining income for the primary time in Q1 2026. Core Scientific, amongst Aschenbrenner’s disclosed holdings, has announced plans to repurpose its Pecos website right into a 1.5GW AI knowledge heart campus, repurposing 300MW of current mining capability.
Why the semiconductor brief issues
Alongside the miner longs, the fund opened $7.46 billion in put choices in opposition to the chip sector. The biggest positions have been $2.04 billion in opposition to the VanEck Semiconductor ETF, $1.57 billion in opposition to Nvidia, $1.07 billion in opposition to Oracle, and $1.01 billion in opposition to Broadcom, the submitting reveals.
The pairing makes the thesis internally constant: if AI worth accrues to energy websites somewhat than chip makers, semiconductor valuations face compression at the same time as infrastructure operators achieve.
Crypto.information documented this broader miner pivot in an earlier analysis of firms leaping into HPC, noting that corporations from Bitdeer to Riot are accelerating the conversion of mining amenities into AI knowledge facilities. Full Q1 holdings knowledge is out there on the Situational Awareness LP 13F tracker on 13f.information.
