Billionaire Dan Loeb Just Quietly Bought Into Four Stocks Riding the Bitcoin-to-AI Wave
TLDR
- Third Point LLC, run by billionaire Dan Loeb, invested in four Bitcoin miners now focused on AI infrastructure
- The fund raised its Hut 8 stake to $151.8 million and opened new positions in Riot Platforms, Core Scientific, and Applied Digital
- Third Point also holds $194.47 million in Jack Dorseyโs Block
- All four miners have signed major long-term AI data center deals worth billions
- The strategy reflects a shift from crypto mining to higher-margin AI computing revenue
Billionaire hedge fund manager Dan Loeb has made a calculated move into former Bitcoin miners that are now building AI infrastructure. His firm, Third Point LLC, disclosed the investments in its latest 13F filing with the SEC.
The biggest position is in Hut 8, where Third Point raised its stake by 51% to $151.8 million. The fund also opened smaller positions in Riot Platforms, Core Scientific, and Applied Digital.
Third Point also holds $194.47 million in Block, the fintech company run by Jack Dorsey.
Why Bitcoin Miners Are Moving to AI
Bitcoin mining was once highly profitable, but lower crypto prices, rising energy costs, and reduced block rewards have squeezed margins. As the AI industry grew fast, miners realized they already had the infrastructure to pivot.
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