Citadel Unwinds $2 Billion Bitcoin Miner Bet After Situational Awareness Fund's Collapse
Ken Griffin's Citadel has cleared its portfolio of nearly $2 billion in Bitcoin miner stocks after taking on that risk from Leopold Aschenbrenner's Situational Awareness fund, which had loaded up on miners because it believed hashrate was a claim on power.
The Situational Awareness fund gained 439% in the first half of 2026 but lost 67% in July and handed roughly $10 billion of stock to Citadel. The fund's last filing before that sale, which covered the period to June 30, listed a $20.24 billion portfolio across just 26 positions, with Bitcoin miners making up $1.99 billion.
Citadel moved quickly to unwind the risk it absorbed from Aschenbrenner's fund, pushing through nearly 100 block trades worth more than $4 billion in ten separate names, including the largest intraday blocks of the year.
As a result, a large seller with no reason to care about price is now mostly out of the market, and the sector can return to its own numbers. However, whoever bought those blocks made the same bet, quietly, at a lower price.