Billionaire Activist Investor Dan Loeb's Third Point Builds 4-Stock Bitcoin-To-AI Basket

Billionaire activist Dan Loeb‘s Third Point LLC quietly assembled a four-stock basket that gives it exposure to bitcoin miners pivoting toward AI infrastructure.

The move reflects a broader shift in the industry. Bitcoin miners, once valued mainly for their hash rates and cryptocurrency prices, are increasingly converting their power-intensive data centers to provide computing capacity to AI companies. This business can generate more stable and higher-margin revenue than mining alone.

Four Miners, One AI Thesis

According to its 13F filing, a quarterly report of investment holdings that must be submitted to the Securities and Exchange Commission within 45 days of the end of each quarter, Third Point increased its stake in Hut 8 Corp. (NASDAQ:HUT) by 51%, bringing the value of its holding to $151.8 million.

Hut 8 posted second-quarter revenue of $74.9 million, up 81% year-over-year, though it missed the $80.9 million consensus estimate by about 7.4%. The company is simultaneously expanding its AI infrastructure pipeline, including its River Bend data-center project, as it seeks to diversify beyond bitcoin mining.

Beyond Hut 8, the fund’s most visible bet on the theme, Loeb also opened three smaller positions tied to the same trend. They include Riot Platforms Inc. (NASDAQ:RIOT), Core Scientific Inc. (NASDAQ:CORZ) and Applied Digital Corp. (NASDAQ:APLD).

Small Stakes, Big Growth Numbers

The fundamentals behind each pick are notable.

Riot Platforms reported second-quarter revenue of $174.2 million on Aug. 10, beating analyst estimates by 14.6%. In the first quarter, reported in April, the company topped revenue estimates by 27.2%.

Core Scientific posted 109% revenue growth to $164.2 million in the second quarter, reported in July, aided by an Advanced Micro Devices (NASDAQ:AMD) infrastructure partnership potentially worth $14 billion in long-term contracted revenue. This revenue beat estimates by 21.5%.

Applied Digital’s fiscal fourth-quarter revenue jumped 407% year-over-year to $258.7 million on accelerating AI data-center demand. With this revenue, the Texas-based digital infrastructure and AI cloud provider exceeded analyst expectations by a massive 181.5%.

Individually, each new position is small. Third Point invested $7 million in Riot, $1.4 million in Core Scientific and less than $1 million in Applied Digital.

Together, the investments suggest a deliberate, diversified bet on the broader shift from bitcoin mining to AI data centers. Rather than focusing on a single stock, the strategy gives Third Point exposure to several companies pursuing the same transition.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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