Third Point Increases Stake in Hut 8, Discloses Riot Debt Exposure
Dan Loeb's Third Point has increased its stake in Hut 8 Corp (NASDAQ:HUT) and disclosed a new position in debt securities issued by Riot Platforms, Inc. (NASDAQ:RIOT). The firm reported holding 1,315,000 shares of Hut 8 as of June 30, up from 869,563 at the end of March. Additionally, Third Point disclosed owning $3.5 million in principal amount of Riot notes valued at approximately $7.03 million. The filing highlights a strategic shift by Loeb to include debt exposure alongside equity positions in AI infrastructure firms. Hut 8 reported significant contracted IT capacity and project financing but has yet to convert these into realized revenue or operational returns. Meanwhile, Riot Platforms generated data-center revenue of $23.2 million for the June quarter, with future projects expected to expand its opportunities. The disclosed investments reflect a nuanced approach by Third Point rather than direct equity ownership in both companies. Investors are advised not to interpret this as an endorsement but instead consider execution risks and contractual differences between Hut 8 shares and Riot debt.
Topics: Dan Loeb Hut 8 Riot Platforms SEC Filings Third Point