Dan Loeb’s hedge fund acquired 869,563 shares of Hut 8, valuing the position at approximately $40.79 million in Q1.
Third Point disclosed an $40.79 million stake in Hut 8 (NASDAQ:HUT) during the March quarter, marking a new position in the company. The investment aligns with Hut 8’s transition from Bitcoin mining to AI data center infrastructure, leveraging long-term leases with hyperscalers.
Hut 8’s Beacon Point facility in Texas, leased to a high-credit tenant for 15 years, carries a base contract value of $9.8 billion. Its River Bend campus in Louisiana, tied to Anthropic’s AI buildout, secures another $7 billion. The company’s fixed, bond-like cash flows stem from owning power and land assets outright.
The stake reflects growing investor interest in AI infrastructure plays with stable, long-duration revenue streams. Hut 8’s shift positions it as a hybrid between tech and utility sectors, reducing exposure to volatile crypto markets.