APLD
CORZ
HUT
RIOT
The new gold rush? Not exactly
Dan Loeb’s Third Point just put together a little basket of bitcoin miners with a fresh side hustle: AI infrastructure. Translation: instead of relying only on hash rates and crypto prices, these companies are trying to turn power-hungry data centers into money-making computing real estate for AI firms.
Hut 8 gets the biggest check
The headline name here is Hut 8, where Third Point boosted its stake by 51% to a reported $151.8 million. That’s not pocket change, even for a billionaire with a fancy hobby in public equities.
Hut 8 also posted second-quarter revenue of $74.9 million, up 81% year over year. Nice? Yes. Perfect? Not quite — it still missed analyst estimates of $80.9 million. But the bigger story is that the company is pushing deeper into AI infrastructure, including its River Bend data-center project.
Loeb didn’t stop there
Third Point also opened new positions in:
- Riot Platforms
- Core Scientific
- Applied Digital
These are all variations on the same theme: miners trying to graduate from pure crypto exposure into something with steadier, higher-margin revenue. It’s the corporate version of showing up to a party in a tux after years in gym shorts.
Why this matters for you
The move suggests smart-money investors are treating the bitcoin-miner-to-AI-data-center shift as a real trade, not just a PR slogan.
- Riot recently posted second-quarter revenue of $174.2 million and beat estimates.
- Core Scientific logged 109% revenue growth in Q2, helped by an infrastructure partnership with AMD.
- Applied Digital’s fiscal fourth-quarter revenue jumped 407% year over year on AI data-center demand.
Big picture: Loeb’s basket says the market may be pricing these companies less like crypto proxies and more like utility-heavy AI landlords. And if that thesis sticks, the winner might not be the loudest miner — it might be the one with the best power bill and the best tenants.