Grayscale AI Compute ETF begins trading under ticker GCPU

Grayscale, the firm best known for turning Bitcoin into a Wall Street product, is now doing the same thing for raw computing power. The Grayscale AI Compute ETF started trading on September 18 under the ticker GCPU, giving investors a way to bet on the GPU capacity that powers artificial intelligence without buying a single share of Nvidia or renting a single server rack. The fund launched at $37.76 per share with roughly $12.46 million in assets under management. That’s modest by ETF standards, but the product’s architecture is what makes it interesting: GCPU doesn’t hold equities. It holds GPU compute futures contracts. A futures-based play on compute, not companies The fund invests primarily in standardized futures contracts tied to GPU-based compute capacity. The strategy involves front-month contracts and roll mechanisms, meaning the fund continuously transitions from expiring contracts into newer ones. The fund is actively managed, which gives Grayscale’s team discretion over contract selection and roll timing. That’s a meaningful distinction from passive index-tracking funds, where the strategy is mechanical. Why compute instead of companies Of course, futures-based products...