Billionaire activist investor Dan Loeb’s Third Point LLC has assembled a four-stock portfolio targeting bitcoin miners transitioning to artificial intelligence infrastructure. The fund increased its position in Hut 8 Corp. (NASDAQ: HUT) by 51%, valuing the holding at $151.8 million.

This strategic shift reflects a broader industry trend where miners are converting power-intensive data centers to provide computing capacity for AI firms. This pivot aims to generate more stable and higher-margin revenue compared to traditional cryptocurrency mining.

Portfolio Composition

According to its quarterly 13F filing submitted to the Securities and Exchange Commission, Third Point diversified its exposure beyond Hut 8. The fund opened three smaller positions in companies pursuing similar transitions:

• Riot Platforms Inc. (NASDAQ: RIOT): $7 million investment.
• Core Scientific Inc. (NASDAQ: CORZ): $1.4 million investment.
• Applied Digital Corp. (NASDAQ: APLD): Less than $1 million investment.

While individually small, these stakes represent a deliberate bet on the sector-wide move from mining to AI data centers.

Financial Performance

The selected companies have reported significant revenue growth and generally exceeded analyst expectations in recent quarters.

Riot Platforms also beat revenue estimates by 27.2% in the first quarter. Core Scientific’s growth was aided by an Advanced Micro Devices (NASDAQ: AMD) partnership potentially worth $14 billion in long-term contracted revenue. Applied Digital cited accelerating AI data-center demand for its fiscal fourth-quarter surge.

What the Numbers Show

Third Point’s strategy relies on diversification rather than concentration. While Hut 8 represents the core of this thematic bet with a $151.8 million holding, the combined value of the other three positions is less than $10 million. This structure suggests the fund is using Hut 8 as its primary lever for exposure to the AI-miner pivot, while using the smaller stakes to hedge against company-specific execution risks within the same sector transition.

Pomerantz LLP announced that the United States District Court for the Southern District of New York approved a notice of a proposed $2,350,000 class action settlement involving Hut 8 Corp. (NASDAQ: HUT).

The settlement resolves claims brought by investors who purchased or acquired Hut 8 securities in the United States or on US-based exchanges between February 13, 2023, and January 18, 2024.

Settlement Details

The proposed agreement was reached by the Court-appointed Lead Plaintiff, Hut 8, and individual defendants. The funds will be distributed to the Settlement Class from the Net Settlement Fund according to an approved Plan of Allocation.

Key Dates for Investors

Settlement Class Members must submit a Claim Form postmarked or submitted online no later than December 5, 2026, to be eligible for distribution. Those wishing to exclude themselves from the class must submit a written request received no later than October 16, 2026.

Objections to the settlement, attorney fees, or allocation plan must also be filed by October 16, 2026.

Next Steps

A final fairness hearing is scheduled for November 6, 2026, at 1:00 pm before Judge Victor Marrero at the Daniel Patrick Moynihan United States Courthouse in New York. The court will determine whether to approve the settlement as fair, reasonable, and adequate, dismiss the action with prejudice, and approve counsel fees.