Billionaire Hedge Fund Manager Invests in Ex-Bitcoin Miners Pivoting to AI
Third Point, the hedge fund founded by billionaire Daniel Seth Loeb, has increased its investments in former Bitcoin miners that are now pivoting toward artificial intelligence (AI). The firm's 13F filing with the SEC revealed significant stakes in Hut 8, Riot Platforms, Core Scientific, and Applied Digital Corp. These companies have shifted focus from Bitcoin mining to AI infrastructure due to declining profitability in cryptocurrency operations. The transition has been marked by major long-term contracts: Hut 8 signed a $9.8 billion lease for its Texas data center campus; Applied Digital secured a $5.2 billion deal with an investment-grade hyperscaler, and Riot Platforms inked a $9.1 billion agreement with AI firm Anthropic. Additionally, Block (formerly Square), led by Jack Dorsey, has also seen success in integrating AI into its operations. Third Point's investments signal confidence in the profitability of these companies' new focus areas as they leverage existing infrastructure to serve growing demand for AI computing power.
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Topics: 13F filing AI transition Bitcoin blockchain infrastructure