At a glance
GCPU charges 0.59% a year. It has $16.5M in assets. Its ten largest positions make up 75.7% of the fund, out of 24 in all.
The short version
Grayscale AI Compute ETF (GCPU) tracks the Indxx High Performance Computing Index, which is made up of companies that supply computing power and data centers for artificial intelligence (AI). The fund used to be called the Grayscale Bitcoin Miners ETF. It offers narrow, high-risk exposure and deliberately includes companies moving from crypto mining into AI data centers. As of June 30, 2026, its top 10 of 24 holdings, led by Hut 8, Applied Digital and IREN, made up about 76% of assets.
Price history
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GCPU — over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GCPU price data to Oct 27, 2026 | -41.7% | — | — | — | — | — |
- The deepest fall in its price history was 51.5% (Jun 18, 2026 to Oct 23, 2026), not yet recovered.
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 24 securities; the ten largest made up 75.73% of assets. It also reported 28.83% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Hut 8 Corp | 15.03% | |
| Applied Digital Corp | 12.30% | |
| IREN Ltd | 11.20% | |
| Keel Infrastructure Corp | 7.27% | |
| Riot Platforms Inc | 5.58% | |
| Bitdeer Technologies Group | 5.38% | |
| Hive Digital Technologies Ltd | 5.07% | |
| Cipher Digital Inc | 4.82% | |
| MARA Holdings Inc | 4.56% | |
| Core Scientific Inc | 4.52% | |
| Terawulf Inc | 4.46% | |
| Cleanspark Inc | 4.27% | |
| Bit Digital Inc | 3.36% | |
| Block Inc | 2.57% | |
| NVIDIA Corp | 2.35% |
By country
United States 75.25%Australia 11.2%Singapore 6.86%Canada 5.07%Hong Kong 0.48%By asset type
Stocks 99.27%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +37.93%, +40.97%, -14.74%.
How it works
GCPU is a passive fund. It aims to match the Indxx High Performance Computing Index, before fees, rather than pick stocks. Indxx builds the index from companies in developed and emerging markets that work in high-performance computing (HPC, the heavy-duty computing behind artificial intelligence, or AI), AI cloud services and data center hosting. Indxx sorts companies with its own classification system, based on how much of their revenue is tied to the theme. At least 80% of net assets go into index stocks or close equivalents.
To qualify, a company needs a market value of at least $50 million and average daily trading of at least $0.5 million, among other screens. The list of members and their weights is reset each quarter. Turnover, the share of the portfolio traded in a year, was 65%, according to the prospectus filed September 21, 2026. Weights vary widely: as of June 30, 2026, Hut 8 was about 15% of assets and NVIDIA about 2.4%.
The fund does not invest in bitcoin or other digital assets, or in contracts tied to them, so it does not track crypto prices. But the index includes “digital infrastructure transition companies.” These are firms that used to work in crypto mining or blockchain infrastructure and have announced or signed contracts for a shift toward AI and HPC. Some may still hold or use digital assets, which can affect the fund indirectly.
What it really costs
- GCPU charges 0.59% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $60 in the first year and $738 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GCPU | $60 | $189 | $329 | $738 |
In a retirement portfolio
It is a small, concentrated theme fund with a beta of 3.4 and a 51.5% drop in its short price history, so it could play only a minor side role next to a diversified core.
GCPU launched January 30, 2025, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its available price history starts June 9, 2026, and already shows a severe slide. It dropped 51.5% from a June 18, 2026 peak to an October 23, 2026 low and had not recovered as of October 27, 2026. Over that span its beta was 3.4, meaning it tended to move about 3.4 times as much as the stock market. Anyone drawing cash during a slump like that would lock in deep losses.
It paid no income in the 12 months to October 27, 2026. In the SEC's standard example, its 0.59% expense ratio comes to about $60 in year one and $738 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, index-based stake in AI computing and data center companies, including crypto miners shifting toward AI hosting.
- People with long time horizons who can ride out drops like the 51.5% fall from June 18 to October 23, 2026, without needing the money.
- Those wanting AI-infrastructure stocks rather than bitcoin itself: the fund does not invest in digital assets directly, though some holdings may own or use them.
Look elsewhere if
- Retirees needing income or low costs: it paid no distributions in the 12 months to October 27, 2026, and charges 0.59% a year.
- Anyone wanting broad AI exposure: as of June 30, 2026, NVIDIA was about 2.4% of assets and the top 10 holdings about 76%.
- Investors wanting a long track record: net assets were about $16.5 million as of June 30, 2026, and it launched after the 2022 bear market.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does GCPU invest in?
GCPU invests in stocks of companies in artificial intelligence (AI) computing and data center infrastructure, as chosen by the Indxx High Performance Computing Index. As of June 30, 2026, it held 24 companies, and the top 10 made up about 76% of assets. The largest were Hut 8 (about 15%), Applied Digital (12.3%), IREN (11.2%), Keel Infrastructure (7.3%) and Riot Platforms (5.6%). About 75% was in US companies, and most of the rest was in Australia, Singapore and Canada.
Is GCPU a bitcoin ETF?
No. GCPU does not invest in bitcoin or other digital assets, directly or through derivatives (contracts tied to an asset's price), so it does not track crypto prices. However, it used to be called the Grayscale Bitcoin Miners ETF. Its index includes companies that used to work in cryptocurrency mining or blockchain infrastructure and have announced, begun or signed contracts for a move toward AI and high-performance computing. Some may still use or hold digital assets, so crypto markets can affect the fund indirectly.
What is GCPU's expense ratio?
GCPU's expense ratio is 0.59% a year, according to the prospectus filed September 21, 2026. All of it is a management fee, with no fee waiver. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, costs would total about $60 after one year, $189 after three years, $329 after five and $738 after 10. Its 65% portfolio turnover can add trading costs that the expense ratio doesn't capture.
Does GCPU pay dividends?
No. GCPU paid no distributions in the 12 months to October 27, 2026, so its trailing 12-month yield was 0%. Any distributions are expected once a year. For a retiree, that means the fund provides no regular income. Any return has to come from changes in the share price. As of October 27, 2026, the price had fallen 31.1% over one month and 26.7% over three months.
Is GCPU good for retirement?
GCPU is a high-risk theme fund that may suit only a small slice of a retirement portfolio, if any. As of October 27, 2026, its beta over its short price history was 3.4, meaning it tended to move about 3.4 times as much as the stock market. It had also not recovered from a 51.5% drop between June 18 and October 23, 2026. It is small and concentrated too, with 24 holdings and about $16.5 million in net assets as of June 30, 2026.