Grayscale Points to Three AI-Focused Cryptocurrencies Worth Tracking

The explosion in artificial intelligence is driving a thirst for training material and costly hardware. Grayscale pointed to three digital assets focused on meeting these demands. Yet their market performance shows sharply contrasting outcomes.

In a research memo published October 23, Grayscale's Head of Research Zach Pandl singled out DATA Network (DATA), USD.AI (CHIP), and Pearl (PEARL).

Each cryptocurrency tackles a distinct layer of AI infrastructure, ranging from sourcing material for training to helping fund chips and generating income through computational power.

Frontier tech and crypto are converging.
Crypto projects part of the AI buildout:
$DATA → Licensing and verifying AI training data.
$CHIP → Financing GPU hardware through onchain loans.
$PEARL → Merging proof-of-work with AI compute, letting miners earn rewards while powering…
— Grayscale (@Grayscale) October 23, 2026

1. DATA Network (DATA): Supplying the Material AI Demands

Artificial intelligence models draw on photos, video clips, and audio files. DATA seeks to gather such content with consent, license it out to AI builders, and compensate those who provide it.

On October 12, the Sui Foundation revealed it had invested $30 million in the network. DATA additionally intends to shift to Sui, moving current tokens on a one-for-one basis.

Token holders have found few signs of respite. DATA dropped 42.07% in the last three months to $0.15243, with a 34.65% slide in the most recent thirty days.

2. USD.AI (CHIP): Backing the Costly Hardware of AI

The AI industry depends on high-performance graphics chips (GPUs). USD.AI allows computing firms to secure loans backed by such hardware and projected earnings, relying on blockchain lending networks.

In August, Bullish unveiled a $100 million credit facility to underpin USD.AI's GPU lending.

CHIP rose 47.98% across ninety days to $0.04386, though it still trades around 69% lower than its high from April.

3. Pearl (PEARL): Putting GPUs to Work on Two Fronts

Pearl suggests employing the same processing power for both AI tasks and crypto mining. Providers could bring in AI-related income and also gather tokens for maintaining the network.

PEARL is the strongest of the trio, having climbed 528.24% in three months to $2.00. Still, it sits roughly 19% below its all-time high of $2.46 reached on October 21.

Inflation is another concern. An estimated 1.2 million fresh tokens are added to circulation each day, and the fully diluted valuation of $4.2 billion greatly surpasses the market cap of $713 million.

Grayscale views every one of these initiatives as promising, though the path to success for each is anything but guaranteed.

“Their long-term relevance will depend on adoption and competitive economics. We are keeping an eye on them,” Pandl said.