When a billionaire hedge fund manager dumps oil and steel to buy a former Bitcoin mining company, it tells you something about where the smart money thinks the next decade is headed. Dan Loeb’s Third Point LLC just made that exact trade.
The firm’s Q1 2026 13F filing shows Third Point acquired approximately 869,563 shares of Hut 8 Corp, a position worth roughly $40.8 million. The buy came alongside exits from legacy energy and industrial holdings, a portfolio rotation that reads like a manifesto on where Loeb sees economic value migrating.
From pickaxes to processors
Hut 8 is an interesting choice, and that’s the point. The company built its reputation mining Bitcoin, accumulating computing infrastructure designed to churn through cryptographic puzzles. Now it’s repurposing that same infrastructure for a different kind of computation: AI.
Hut 8’s transition capitalizes on a simple reality: AI model training and inference require massive amounts of computing power housed in physical data centers. Companies that already own the real estate, the power connections, and the cooling systems have a head start over anyone building from scratch.
