Grayscale Highlights 3 AI Cryptocurrencies: DATA, CHIP, and PEARL

In an October 23, 2026 research note, digital asset manager Grayscale identified three artificial intelligence-focused cryptocurrencies—DATA Network (DATA), USD.AI (CHIP), and Pearl (PEARL)—that address growing compute and data demands in the AI sector. ## Infrastructure Focus and Token Performance Each token targets a specific component of AI infrastructure. DATA Network (DATA) collects and licenses user-permissioned images, videos, and voice recordings to AI developers while rewarding contributors. On October 12, the Sui Foundation announced a $30 million investment in the project, which plans to migrate to Sui with a one-for-one token swap. Despite the backing, DATA has fallen 42.07% over 90 days to $0.15243, including a 34.65% decline in the past month. USD.AI (CHIP) facilitates GPU hardware financing by allowing compute companies to borrow against hardware assets and revenue streams via blockchain lending pools. In August, exchange operator Bullish announced a $100 million financing facility supporting USD.AI lending pools. CHIP has gained 47.98% over 90 days to $0.04386, though it remains roughly 69% below its April peak. Pearl (PEARL) combines proof-of-work mechanics with AI processing, allowing hardware operators to earn AI compute revenue alongside block rewards. This model aligns with broader industry trends as top public miners pivot capital to AI compute. PEARL surged 528.24% over 90 days to $2.00, retreating about 19% from its October 21 record high of $2.46. The token faces supply pressure with an estimated 1.2 million new tokens entering circulation daily, creating a $4.2 billion fully diluted valuation compared to its $713 million market capitalization. ## Key Takeaways - DATA Network (DATA) received a $30 million investment from the Sui Foundation on October 12 but dropped 42.07% in 90 days to $0.15243. - USD.AI (CHIP) secured a $100 million financing facility from Bullish in August and gained 47.98% in 90 days to $0.04386. - Pearl (PEARL) surged 528.24% to $2.00, carrying a $4.2 billion FDV against a $713 million market cap. - Grayscale Head of Research Zach Pandl noted: "Their long-term relevance will depend on adoption and competitive economics. We are keeping an eye on them." ## Why It Matters The intersection of decentralized protocols and artificial intelligence highlights crypto's potential to solve bottlenecks in GPU financing and verified data sourcing. However, the vast spread in market valuation—evidenced by PEARL's multi-fold rally alongside heavy token dilution versus DATA's persistent drop—shows that token performance remains highly speculative. Market participants must look past initial capital commitments to monitor actual network utilization and long-term emission sustainability.