The Grayscale Bitcoin Miners ETF (MNRS) will be renamed Grayscale AI Compute ETF (GCPU) on September 22, 2026, marking a major strategic shift from Bitcoin mining toward high-performance computing dedicated to AI. The event reshapes sector exposure for investors.
🔑 Key Takeaways
- MNRS becomes GCPU on September 22, 2026, ticker change on NYSE Arca
- Benchmark shifts from the Indxx Bitcoin Miners Index to the Indxx High Performance Computing Index
- Assets under management of $11.8 million as of September 11, 2026, with 330,000 shares outstanding
- Top 10 holdings concentrate 67.5% of assets, led by IREN (16.11%) and Hut 8 (11.59%)
- Expense ratio of 0.59%, dividend yield of 0.14%, semi-annual distribution
An ETF born from Bitcoin mining in transition
Launched on January 30, 2025 by Grayscale Investments, the Grayscale Bitcoin Miners ETF was designed to provide targeted exposure to global Bitcoin mining companies. The fund had tracked the performance of the Indxx Bitcoin Miners Index (IBMIIN) and was listed on NYSE Arca under the MNRS symbol.
According to an Options Clearing Corporation (OCC) information memo dated September 11, 2026, the fund will officially change its name at market open on September 22, 2026 to Grayscale AI Compute ETF, with the new ticker GCPU. The CUSIP (unique security identifier) will remain unchanged at 38963H206, as will the ISIN US38963H2067, avoiding any conversion procedures for investors.
Strike prices and all other terms of MNRS options will also migrate to the GCPU symbol, with a multiplier of 100 shares per contract. This ticker change, rare on an already-listed ETF, signals a deep strategic redirection.
Market data as of September 11, 2026
On the eve of the rebranding, the fund still displays a modest asset profile. Total assets under management stand at $11,804,650, with 330,000 shares outstanding. The NAV per share reaches $35.77, while the market price sits at $35.72, a discount of -0.16% relative to NAV. The median 30-day bid/ask spread remains contained at 0.30%.
September 11 was a particularly favorable session: the market price rose by $1.13 (+3.25%) and NAV by $1.08 (+3.10%), in an intraday range of $35.72 to $36.47. Trading volume reached approximately 2,967 shares, against a daily average of 5,520 shares, suggesting renewed interest ahead of the strategic pivot.
| Indicator | Value |
|---|---|
| Assets under management (AUM) | $11,804,650 |
| Shares outstanding | 330,000 |
| NAV per share | $35.77 |
| Market price | $35.72 |
| Discount vs NAV | -0.16% |
| 30-day median bid/ask spread | 0.30% |
| Day change (price) | +3.25% |
| Day volume | 2,967 shares |
| Average volume | 5,520 shares |
| 52-week low | $23.24 |
| 52-week high | $56.46 |
| Expense ratio (TER) | 0.59% |
| Dividend yield | 0.14% |
| Turnover ratio | 65% |
| P/E (Robinhood) | -8.60 |
A portfolio concentrated on ten key positions
The fund’s top ten lines represent about 67.5% of total assets, indicating significant concentration. According to Morningstar data dated September 10, 2026, IREN Ltd tops the list with 16.11% of assets ($2 million), followed by Hut 8 Corp (11.59%), Applied Digital Corp (8.36%) and SBI Holdings (5.06%).
| Position | Weight (%) | Value ($) |
|---|---|---|
| IREN Ltd | 16.11% | 2,000,000 |
| Hut 8 Corp | 11.59% | 1,000,000 |
| Applied Digital Corp | 8.36% | 956,593 |
| SBI Holdings Inc | 5.06% | 579,274 |
| MARA Holdings Inc | 4.58% | 524,340 |
| Block Inc Class A | 4.54% | 520,360 |
| NVIDIA Corp | 4.40% | 503,538 |
| Cleanspark Inc | 4.36% | 499,712 |
| Riot Platforms Inc | 4.35% | 498,484 |
| Bit Digital Inc | 4.16% | 476,553 |
Grayscale data as of September 11, 2026 shows slightly different weightings, reflecting price variations between the two reference dates. IREN Ltd remains on top with 15.70% ($1,853,044), followed by Hut 8 Corp at 12.24% ($1,444,588) and Applied Digital Corp at 8.30% ($980,340).
« The sector concentration around operators such as IREN, Hut 8, and Applied Digital illustrates the initial investment thesis centered on Bitcoin mining pure-players with high compute intensity. »
Crypto Analyst, Cryptoinfo.ch
A strategic pivot from mining to AI
The fund’s new investment objective, as described by Grayscale, now aims to replicate the performance of the Indxx High Performance Computing Index, an index dedicated to high-performance computing players, a key segment of AI infrastructure. This evolution diverges from older documentation referencing the Indxx Bitcoin Miners Index, suggesting a deep strategic update.
The investment policy states that the fund will primarily invest in the constituents of this new index and in instruments with similar economic characteristics. This transition reflects a deep market trend: the convergence between Bitcoin mining infrastructure, historically compute-hungry, and the massive GPU compute needs (graphics processors) for training AI models.
Several companies in the current portfolio, including IREN, Applied Digital, and Hut 8, have already announced strategic pivots toward AI compute services. NVIDIA Corp, already present at 4.40% of the portfolio, illustrates this new dominant orientation of the fund.
Morningstar rating and outlook
Morningstar currently assigns MNRS a negative Medalist rating, signaling limited potential for risk-adjusted outperformance versus peers. The fund ranks in the third quintile (58th percentile) for year-to-date returns according to the Lipper ranking, a median positioning.
The dividend paid for 2025 amounts to $0.16 per share, with an ex-dividend date of December 31, 2025 and effective payment on January 7, 2026. The semi-annual distribution and yield of 0.14% remain modest, consistent with the fund’s passive strategy.
Conclusion: an ETF in transition
The transition from MNRS to GCPU illustrates the strategic volatility of the crypto sector and the growing porosity between Bitcoin mining and AI infrastructure. For existing investors, the transition happens without administrative friction: the CUSIP and ISIN remain identical, only the ticker changes. For new entrants, GCPU will now offer exposure to high-performance compute players, a segment seen as a structural beneficiary of AI demand.
That said, the fund’s still-modest size ($11.8 million) and negative Morningstar rating call for caution. GCPU’s future performance will depend on Grayscale’s ability to attract sufficient flows to reach critical mass, in a sector environment where tech giants like Nvidia capture most of the value-added in the AI compute market.
Sources
- MarketWatch — MNRS Quote
- OCC Information Memo No. 59739
- Robinhood — MNRS
- Morningstar — MNRS ETF Quote
- Grayscale — MNRS ETF
- SoFi Invest — MNRS
This article is published for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
