AI Investors Are Buying Bitcoin Miners - Just Not for Bitcoin

The investment structure of the Situational Awareness hedge fund, revealed today in a Cointelegraph article, looks quite surprising.

According to the fund's year-end 2025 report, several Bitcoin mining companies are among its key holdings.

Recently, a popular narrative has emerged claiming that AI is pulling capital away from the crypto market, and from Bitcoin in particular. Just a year ago, many believed AI and crypto could reinforce each other. Now they are more often portrayed as competing for the same pool of investor money.

And then suddenly we learn that an investment fund founded by one of the most prominent AI researchers is investing in Bitcoin mining. Sounds encouraging, right?

Except that in reality this looks more like a bet on miners pivoting to AI infrastructure.

Big capital doesn't seem to see much of a future in Bitcoin itself.

Great! Maybe that capital will eventually leave Bitcoin to the people who actually need it - those who simply want to own their savings directly and move them wherever they choose, not wherever they are allowed.

After all, funds don't really use Bitcoin for its intended purpose anyway.