Dan Loeb, the billionaire behind hedge fund Third Point, has placed a sizable bet on a company that used to be known primarily for mining Bitcoin. His fund acquired roughly 869,563 shares of Hut 8 Corp. during Q1 2026, a position worth approximately $40.8M.
From mining rigs to GPU racks
Hut 8 has been steadily repositioning itself away from pure Bitcoin mining toward high-performance computing and AI data center operations. The company reported Q1 2026 revenue of $71M, a massive jump from $21.8M in the same quarter the prior year. Most of that revenue now comes from compute-related activities rather than cryptocurrency mining.
Hut 8 has secured approximately $9.8B in incremental base-term contract value through long-term agreements. Hut 8 shares have climbed 131.73% year-to-date, and over the trailing 52 weeks, they’ve surged nearly 567%.
Why Loeb is dismissing bubble talk
