Hedge fund that invested $1.11 billion in mining stocks seeks fresh capital after share slump

Situational Awareness, a hedge fund that invested about $1.11 billion in shares of Bitcoin mining companies, is seeking new funding from investors and lenders after taking heavy losses in a recent sell-off in AI-related stocks, Cointelegraph reported. The fund was founded in 2024 by former OpenAI researcher Leopold Aschenbrenner and had about $20 billion in assets under management as of June 8. It had expanded its investments using borrowed money, while losses widened during the July decline in AI-related stocks. According to a U.S. SEC filing in March, the fund invested about $1.11 billion across seven Bitcoin mining stocks, including IREN, Core Scientific (CORZ), Riot Platforms (RIOT) and CleanSpark (CLSK).