Overview
- Third Point disclosed in its late‑August 13F filing that it holds $151.8 million in Hut 8, $194.47 million in Block, and smaller stakes in Riot Platforms, Core Scientific, and Applied Digital.
- The fund’s purchases follow a wave of multiyear, multibillion-dollar deals by those firms that convert mining campuses and power capacity into AI training and inference centers.
- Company results support the shift: Hut 8 reported Q2 revenue up 81% year over year, Core Scientific reported 109% revenue growth, and Applied Digital posted a 407% jump in its fiscal quarter.
- Third Point’s allocation is deliberately diversified with a concentrated position in Hut 8 and Block and modest, under‑$7 million stakes in each of the other miners.
- The move signals growing institutional validation of the miners‑to‑AI strategy but carries execution risks such as scaling data‑center operations, counterparty concentration, and volatile energy costs that could affect future returns.