Grayscale Rebrands Bitcoin Miners ETF to AI Compute ETF Amid Infrastructure Shift

Grayscale is overhauling its Bitcoin mining-focused exchange-traded fund. It is renaming it the Grayscale AI Compute ETF and broadening its investment strategy to include companies building artificial intelligence and high-performance computing infrastructure.

Grayscale Investments has announced that its Grayscale Bitcoin Miners ETF is expected to become the Grayscale AI Compute ETF on or about September 15, 2026. This marks one of the firm’s most significant thematic ETF changes since launching the fund in early 2025. According to Grayscale, the transition remains subject to the effectiveness of a post-effective amendment filed with the U.S. Securities and Exchange Commission (SEC).

The change extends beyond a new name. Grayscale also plans to replace the ETF’s benchmark, revise its investment objective, and update its portfolio strategy to target companies involved in AI computing infrastructure rather than exclusively Bitcoin mining businesses.

ETF Strategy Expands Beyond Bitcoin Mining

According to Grayscale’s official ETF announcement and SEC prospectus supplement, the fund will stop tracking the Indxx Bitcoin Miners Index. Instead, it will follow the Indxx High Performance Computing Index.

The new benchmark is designed to include publicly traded companies operating in:

• AI cloud infrastructure
• High-performance computing (HPC)
• GPU cloud services
• AI data-center hosting
• Accelerated computing platforms
• Related hardware and software providers

The methodology also introduces a category for digital infrastructure transition companies. These are businesses that historically generated revenue from cryptocurrency mining or blockchain infrastructure but have publicly disclosed strategic expansions into AI computing, GPU cloud services, or AI data centers.

Grayscale said the ETF will continue investing at least 80% of its net assets in securities linked to its underlying index. However, that requirement will now apply to the new AI-focused benchmark rather than the Bitcoin miners index.

Reflecting an Industry-Wide Pivot

The rebranding mirrors a broader shift occurring across publicly listed Bitcoin mining companies over the past two years.

As Bitcoin mining has become more competitive following successive network difficulty increases and the 2024 Bitcoin halving, several mining firms have diversified into AI and HPC services. They did this by repurposing existing power infrastructure and data-center capacity.

Rather than building entirely new facilities, many operators have leveraged their access to large-scale electricity contracts and cooling infrastructure. This has allowed them to host GPU clusters for AI workloads.

Grayscale’s revised investment methodology acknowledges that transition by allowing exposure not only to traditional crypto miners but also to companies generating meaningful revenue from AI computing infrastructure.

The ETF will classify eligible businesses into Pure-Play, Quasi-Play and Marginal-Play categories based on their revenue exposure to the high-performance computing theme. It will then select up to 30 constituents using market-cap weighting rules.

Regulatory Filing Details

The strategy changes were approved by the Board of Trustees of Grayscale Funds Trust on July 7, 2026, according to the prospectus supplement dated July 13, 2026.

Besides changing the fund’s name, the filing also revises:

• The ETF’s investment objective;
• principal investment strategies;
• underlying benchmark;
• and its 80% investment policy.

The filing notes that shareholders are receiving at least 60 days’ notice before the policy changes take effect, consistent with U.S. fund regulations. The amendments will become effective only after the SEC declares the related registration amendment effective.

Why The Change Matters

The move illustrates how investment products tied to digital assets are increasingly evolving alongside infrastructure trends rather than remaining narrowly focused on cryptocurrency production.

When Grayscale launched MNRS in January 2025, the ETF was designed to provide concentrated exposure to listed Bitcoin mining companies by tracking the Indxx Bitcoin Miners Index.

Since then, numerous mining operators have announced investments in AI data centers, GPU hosting and high-performance computing services as demand for AI infrastructure accelerated globally.

By broadening the investment universe, Grayscale may reduce the ETF’s dependence on Bitcoin mining economics while increasing exposure to companies benefiting from AI infrastructure spending. However, the revised strategy also means investors seeking dedicated Bitcoin mining exposure may receive a materially different risk profile after the transition.

Importantly, Grayscale has not indicated that the ETF will invest directly in artificial intelligence software developers or large-language-model companies. Instead, the focus remains on businesses supplying the physical computing infrastructure supporting AI workloads.

Risks and What Investors Should Watch

Although the strategy has been approved internally, the changes are still contingent upon the effectiveness of Grayscale’s SEC registration amendment. Investors should also review future portfolio disclosures to understand how the fund’s holdings evolve once the new benchmark becomes active.

Another consideration is whether legacy Bitcoin mining companies continue executing their AI expansion strategies successfully. The new index includes firms making strategic transitions toward AI infrastructure, but the commercial performance of those initiatives will vary across companies.

Investors should also monitor future quarterly index rebalances. Those could materially change constituent weightings as companies increase or reduce their exposure to AI computing businesses.

What Happens Next

If the regulatory process proceeds as planned, the Grayscale Bitcoin Miners ETF will officially become the Grayscale AI Compute ETF on or about September 15, 2026.

Following the transition, the fund will track the Indxx High Performance Computing Index. This will give investors exposure to companies participating in AI cloud infrastructure, GPU computing, accelerated computing platforms, and digital infrastructure businesses pivoting beyond cryptocurrency mining.