Billionaire hedge fund manager bets on ex
Third Point, led by Daniel Loeb, invested in Bitcoin miners Hut 8, Riot Platforms, Core Scientific, and Applied Digital, as well as Block (NYSE: XYZ), during Q2 2026. The fund increased its stake in Hut 8 to $151.8 million and opened positions in the other miners. Block reported Q2 2026 revenue of $6.62 billion and EPS of $1.02, exceeding estimates. These miners are pivoting to AI, signing major leases and deals.
How this was made
The 30-second read
Why it matters
The disclosed stakes provide fresh insight into institutional confidence in the convergence of crypto mining and AI, but the immediate trading impact is likely limited to sentiment.
Market read
New institutional positions in crypto‑mining and fintech firms may influence short‑term sentiment but are not expected to drive large price moves.
What to watch
Potential regulatory scrutiny on crypto mining and AI data center energy consumption could dampen upside.
Background
Third Point’s latest 13F filing reveals a strategic shift toward crypto miners that are repurposing hardware for AI services, reflecting a broader industry trend.
Ticker impact
Third Point raised its stake in Hut 8 to $151.8 million per its Q2 2026 13F filing.
Potential modest upside as institutional confidence is signaled.
Large stake increase is material but typical of 13F updates; limited short‑term price move.
Third Point opened a $7 million position in Riot Platforms in its Q2 2026 13F filing.
Minor upside potential if investors view the stake as endorsement of AI‑pivot strategy.
Stake size is modest relative to market cap; impact limited to sentiment.
Third Point opened a $1.38 million position in Core Scientific per its Q2 2026 13F filing.
Little to no immediate price change.
Stake is tiny; investors likely ignore.
Third Point opened an $820,000 position in Applied Digital Corp. in its Q2 2026 13F filing.
No discernible price movement expected.
Position size is trivial for a micro‑cap.
Third Point invested $194.47 million in Block (NYSE: XYZ) per its Q2 2026 13F filing.
Potential modest upside as institutional backing is noted.
Stake size is material; may influence short‑term sentiment.
Market effects
Highlights growing investor interest in crypto miners pivoting to AI workloads.
U.S. crypto‑mining sector may see modest inflows as hedge funds allocate capital.
Signals broader trend of AI integration in mining infrastructure worldwide.
Counterpoint
Stake increases may be premature given volatile Bitcoin prices and uncertain AI revenue.
Key entities
- Hedge FundThird Point
Asset manager led by Daniel Loeb, filing the 13F.
- CompanyBlock
Fintech firm founded by Jack Dorsey, expanding into AI.
