Hedge fund Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner, invested $400 million in an undisclosed company days after nearly collapsing under margin calls. The fund’s assets fell approximately 78% in July as an AI-stock sell-off triggered margin calls from Wall Street lenders. The fund sold most of its public equity portfolio to Ken Griffin’s Citadel, allowing it to repay lenders and retain its private holdings. A filing with the SEC covering holdings as of March 31 showed approximately $1.11 billion in positions across seven Bitcoin mining stocks, including IREN, Core Scientific, Riot Platforms and CleanSpark.
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