Crypto asset management firm Grayscale is launching a new product on Tuesday that seeks to track companies building infrastructure for artificial intelligence.
The exchange-traded fund, called the Grayscale AI Compute ETF, made its debut on NYSE Arca under the ticker symbol GCPU.
"Grayscale has spent over a decade giving investors access to scarce, transformational technologies, such as digital assets, and we believe compute belongs in that same category,” said Steve Vanourny, head of index at Grayscale, in a statement. “GCPU is a direct extension of that thesis, giving investors access to the companies closing the gap between AI's demand for compute and the physical infrastructure needed to meet it."
The ETF tracks the Indxx High Performance Computing Index, which comprises publicly traded companies involved in the infrastructure and services supporting high-performance computing and AI. The fund aims to reflect both the development of new infrastructure and the conversion of existing power and land facilities for AI applications.
According to Grayscale, approximately half of the portfolio will be allocated to companies purpose-built to support GPU cloud and AI-hosting capacity, while the remainder will focus on other areas of high-performance computing, including bitcoin mining.
The Grayscale AI Compute ETF was previously called the Grayscale Bitcoin Miners ETF, but was renamed to reflect the firm's new investment strategy, the firm said.
"GCPU reflects the same investment approach Grayscale has applied for more than a decade: identifying scarce, transformational technologies and providing investors with ways to gain exposure to them," a Grayscale spokesperson told The Block. "We believe compute represents a similarly compelling opportunity."