By Jackson Alton Hinkle
Publication Date: 2026-06-15 23:56:00
Leopold Aschenbrenner, the former OpenAI researcher whose AI-focused fund posted blockbuster 2025 returns, used his Q1 2026 13F to do something counterintuitive: stack roughly $8.5 billion of put options against Nvidia while piling into Bitcoin miners pivoting to AI, including a new position in HIVE Digital Technologies.
Frank Holmes is Executive Chairman of HIVE Digital Technologies, the first Bitcoin miner to go public all the way back in 2017, and CEO of asset manager U.S. Global Investors.
HIVE runs data centers across Canada, Sweden and Paraguay and is shifting from roughly 90% Bitcoin revenue to include high-performance computing (HPC) for AI. Holmes joined TheStreet Roundtable to discuss why Aschenbrenner is adding HIVE while shorting other major players.
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He argues Aschenbrenner is playing a valuation mean-reversion, betting the AI premium shifts from the expensive chipmakers to the cheaper power and infrastructure layer that feeds them.
Shorting the chipmakers, buying the miners
The 13F disclosed about $8.5 billion in Nvidia puts, plus bearish positions tied to Broadcom, Oracle, AMD and Taiwan Semiconductor (TSM).
The same filing roughly doubled the fund to $13.68 billion and loaded up on miners moving into AI hosting, including HIVE, Riot Platforms, CleanSpark, IREN, Bitdeer, Applied Digital, Core Scientific and Keel.
“He saw early enough that GPU chips are…
