Former OpenAI Analyst's Investment Firm Discloses Major Cryptocurrency Mining Stakes in SEC Documents
Situational Awareness LP, the hedge fund managed by Leopold Aschenbrenner, has expanded to $5.52 billion in equity holdings within a single year through strategic investments in energy infrastructure, data facilities, and cryptocurrency mining operations.
A US equity portfolio with heavy weighting toward enterprises providing energy and foundational infrastructure for the artificial intelligence revolution has been assembled by Leopold Aschenbrenner.
The erstwhile OpenAI analyst, who departed from the organization's superalignment division to establish Situational Awareness LP, a San Francisco-headquartered investment fund, has expanded the operation from $383 million in managed capital during the opening months of 2025 to a documented $5.52 billion in American equity holdings according to its most recent 13F disclosure submitted to the US Securities and Exchange Commission.
The investment firm's Q4 2025 13F submission reveals a deliberately focused portfolio constructed around the thesis that the genuine beneficiaries of artificial intelligence expansion will not be conversational AI systems, but rather the electrical generation facilities and computing infrastructure that power them. Situational Awareness documented $5.52 billion in American equity holdings distributed among 29 different positions, with a substantial portion of this capital concentrated within a select group of AI infrastructure companies.
These positions encompass graphics processing unit (GPU) cloud service provider CoreWeave, energy cell and electrical systems company Bloom Energy, Intel, optical technology manufacturer Lumentum, and Core Scientific, a Bitcoin (BTC) mining operation that has transitioned into AI infrastructure deployment.
Aschenbrenner initially gained recognition as an exceptionally talented AI strategist following the release of his extensively circulated "Situational Awareness" document addressing the competitive landscape surrounding advanced artificial intelligence development, subsequently leveraging that public recognition to raise investment capital. His San Francisco-based artificial intelligence investment fund currently oversees in excess of $1.5 billion, supported by notable technology company founders, private wealth management entities and institutional investors.
Aschenbrenner has maintained a position as a significant net purchaser across successive quarters, with Situational Awareness's 13-F documented American equity and derivatives holdings climbing from approximately $254 million during Q4 2024 to beyond $5.5 billion by the conclusion of Q4 2025. Throughout this timeframe, the investment vehicle established considerable stakes in cryptocurrency mining enterprises and associated power infrastructure companies including IREN, Cipher Mining, Riot Platforms, Bitdeer and Applied Digital.
Bitcoin miners pivot from hash rate to horsepower
This investment strategy corresponds with a more expansive transformation currently redefining the cryptocurrency mining sector. Following the most recent halving event that reduced mining rewards per block, major mining operations have begun converting their high-capacity, energy-intensive facilities into artificial intelligence server hosting centers, regarding electrical capacity and physical data center infrastructure as valuable commodities within the emerging computational landscape rather than merely hashrate generation.
Core Scientific, as an illustration, has executed multiple 12-year agreements for high-performance computing infrastructure hosting with artificial intelligence cloud company CoreWeave, while MARA purchased a 64% ownership interest in Exaion, a French computational infrastructure operator, broadening its operations into artificial intelligence and cloud computing services.
Situational Awareness revealed a 9.4% ownership position in Core Scientific through a modified Schedule 13D filing, accounting for 28,756,478 shares with shared voting authority and disposition control, essentially providing the investment fund with a leveraged position on CoreWeave's growth trajectory and the mining company's transformation from exclusively Bitcoin mining to artificial intelligence and high-performance computing operations.
Simultaneously, the investment fund has established exposure targeting the opposite dimension of the AI transformation through a short selling position in Infosys, an Indian information technology conglomerate, representing a calculated bet that advanced language models and AI-powered programming tools will create downward pressure on the conventional outsourced software development business model.