Grayscale flags DATA, CHIP, PEARL as key AI infrastructure plays

Grayscale has identified three cryptocurrencies—DATA Network (DATA), USD.AI (CHIP), and Pearl (PEARL)—targeting infrastructure gaps created by AI expansion. In an October 23 research note, Grayscale Head of Research Zach Pandl outlined how these projects address demand for training data, GPU financing, and compute revenue.

DATA Network and Sui Foundation Investment

DATA Network focuses on the supply side of AI training. The project collects permitted images, videos, and voice recordings to license to AI developers, rewarding contributors to create a verified marketplace for raw materials needed for generative AI and large language models.

On October 12, the Sui Foundation signaled institutional interest with a $30 million investment. DATA plans to migrate to the Sui blockchain via a one-for-one token transfer. Despite this, market performance remains weak; DATA has fallen 42.07% over 90 days to $0.15243, including a 34.65% drop last month.

USD.AI Financing and Pearl Compute Model

USD.AI (CHIP) targets the capital costs of AI hardware. Its protocol allows computing firms to borrow against GPU hardware and future income through blockchain lending pools, providing liquidity to firms that have infrastructure but lack expansion capital.

Bullish announced a $100 million financing facility for USD.AI’s GPU loans in August. The token has gained 47.98% over 90 days to $0.04386, though it remains roughly 69% below its April peak.

Pearl (PEARL) merges proof-of-work mining with AI compute, allowing providers to use the same capacity for both. This dual-use strategy monetizes idle compute power, letting providers earn AI service revenue while collecting PEARL tokens for network security.

PEARL has surged 528.24% in 90 days to $2.00, hitting a record high of $2.46 on October 21 before retreating approximately 19%. Supply risks persist, with an estimated 1.2 million new tokens entering circulation daily. This puts the fully diluted valuation at $4.2 billion, well above its $713 million market cap.

Grayscale Assessment and Outlook

Grayscale sees potential in these projects but notes that long-term success is not guaranteed. The research highlights the convergence of crypto assets and frontier technology, with each project targeting a different part of the AI buildout.

“Their long-term relevance will depend on adoption and competitive economics. We are keeping an eye on them,” Pandl said. While the AI boom drives demand for data and compute, the translation into sustained token value for DATA, CHIP, and PEARL remains unproven.