Third Point Bets Big on Bitcoin Miners Turning to AI Data Centers
Billionaire investor Dan Loeb's Third Point has been making strategic investments in companies that are shifting their focus from bitcoin mining to artificial intelligence (AI) data centers.
According to its recent 13F filing, Third Point increased its stake in Hut 8 Corp. (NASDAQ:HUT) by 51%, with a holding value of $151.8 million. Hut 8 posted second-quarter revenue of $74.9 million, up 81% year-over-year, but missed the $80.9 million consensus estimate.
The company is expanding its AI infrastructure pipeline, including the River Bend data-center project, to diversify beyond bitcoin mining.
Loeb's fund also opened smaller positions in Riot Platforms Inc. (NASDAQ:RIOT), Core Scientific Inc. (NASDAQ:CORZ), and Applied Digital Corp. (NASDAQ:APLD). These companies reported strong revenue growth in the second quarter, with Riot beating analyst estimates by 14.6%, Core Scientific posting 109% revenue growth, and Applied Digital exceeding expectations by 181.5%.
The investments suggest a deliberate bet on the broader shift from bitcoin mining to AI data centers, giving Third Point exposure to several companies pursuing this transition.