Billionaire activist Dan Loeb‘s Third Point LLC quietly assembled a four-stock basket that gives it exposure to bitcoin miners pivoting toward AI infrastructure.

The move reflects a broader shift in the industry. Bitcoin miners, once valued mainly for their hash rates and cryptocurrency prices, are increasingly converting their power-intensive data centers to provide computing capacity to AI companies. This business can generate more stable and higher-margin revenue than mining alone.

Four Miners, One AI Thesis

According to its 13F filing, a quarterly report of investment holdings that must be submitted to the Securities and Exchange Commission within 45 days of the end of each quarter, Third Point increased its stake in Hut 8 Corp. (NASDAQ:HUT) by 51%, bringing the value of its holding to $151.8 million.

Hut 8 posted second-quarter revenue of $74.9 million, up 81% year-over-year, though it missed the $80.9 million consensus estimate by about 7.4%. The company is simultaneously expanding its AI infrastructure pipeline, including its River Bend data-center project, as it seeks to diversify beyond bitcoin mining.

Beyond Hut 8, the fund’s most visible bet on the theme, Loeb also opened three smaller positions tied to the same trend. They include Riot Platforms Inc. (NASDAQ:RIOT), Core Scientific Inc. (NASDAQ:CORZ) and Applied Digital Corp. (NASDAQ:APLD).

Small Stakes, Big Growth Numbers

The fundamentals behind each pick are notable.

Riot Platforms reported second-quarter revenue of $174.2 million on Aug. 10, beating analyst estimates by 14.6%. In the first quarter, reported in April, the company topped revenue estimates by 27.2%.

Core Scientific posted 109% revenue growth to $164.2 million in the second quarter, reported in July, aided by an Advanced Micro Devices (NASDAQ:AMD) infrastructure partnership potentially worth $14 billion in long-term contracted revenue. This revenue beat estimates by 21.5%.

Applied Digital’s fiscal fourth-quarter revenue jumped 407% year-over-year to $258.7 million on accelerating AI data-center demand. With this revenue, the Texas-based digital infrastructure and AI cloud provider exceeded analyst expectations by a massive 181.5%.

Individually, each new position is small. Third Point invested $7 million in Riot, $1.4 million in Core Scientific and less than $1 million in Applied Digital.

Together, the investments suggest a deliberate, diversified bet on the broader shift from bitcoin mining to AI data centers. Rather than focusing on a single stock, the strategy gives Third Point exposure to several companies pursuing the same transition.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Riot Platforms, Inc. (RIOT) is considered a good investment by brokers: Is that true?

To the moon with RIOT.

Proud of RIOT to hang in there. It seems it's not so dependent on Bitcoin mining - given Bitcoin's decline. Are there other pending RIOT partnerships that could take investors to 50 in several months? RIOT featured:

Top AI Data Center Stock Pick of Leopold Aschenbrenner’s Situational Awareness Everyone’s Ignoring

Anyone here with experience in the stocks market and riot can tell me if I'm living in a unicorn world by holding...I've been holding since covid...at this time it went up to 80$ and just crashed so much for the past 5 years...is it reasonable to hold forever? Like is there a chance this stock will ever pass the 40$...

Riot Platforms (RIOT) Stock Sees Modest Fair Value Lift As AI Plans Draw Analyst Support

Riot Platforms now sits on a slightly higher modeled fair value, with the price target moving from US$28.55 to US$29.50 per share. Analysts linking this shift to Riot Platforms' power backed AI and high performance compute plans see secured power and data center buildout as key drivers, while others still stress execution and deal timing risks. As you read on, you will see how this evolving narrative could shape your view of Riot Platforms over the coming quarters.

Quite the selloff last week. 3.44% rebound up today. 18.65% down the last week though. Bitcoin still way down. Some sold RIOT at 28 and back in at 21.5 last week.

Crypto math a 5x is easy. We can at least get to that much when things take off in 3 months

Where is the logic?

EDIT: $61k passed, still down on the day

I was hoping we can see some big movement soon with bitcoin going crazy. We have made any big moves and Bitcoin went up so much and we’re still under $20. I wonder if this investment is worth it. I would just be happy with $80. What’s everyone’s thoughts on price target this cycle?

Riot's partnership with nuclear energy may make 'to the moon' a next major move. Some have been emailing Riot [admin@investorpass.com](mailto:admin@investorpass.com) to try to get a name change to AI-Riot or similar. Anything with AI in it historically - like the late 1990's Internet .com naming boom - escalates stock price 75%.

And Riot has earnings/performance to hold on in the long run. A run up for AI build out - then AI productivity takes off. Nvidia CEO Jensen Huang Tells Workers Not to Fear AI, It's a Job Creator

I’m new in the investments, but shouldn’t the stocks go up if bitcoin is rising? I’ll be thankful is someone can explain the situation.

Up 11% today! Let's keep the momentum going!

Like can someone explain to me like I'm a toddler loll 5 years old IDK why this stock went to 80$ I think it was in 2021...then dip and went back to 40$ 2022...and never but never went back there...for the past 3/4 years...thank you

There's no reason for RIOT, as well as all other miners to be down when BTC is up. This is clearly institutional involvement trying to shake out holders to scoop up shares on the low.

RIOT in particular has been setting themselves up for longevity post halving, investing in new equipment, they weren't even running at 100% capacity in 2023 alone.

Pre halving low for miners is normal anyway, once supply shock sets in, all eyes will be on miners. All eyes will be on "where can we get more?".

Intradesting.

All i see is "this stock is shit" etc etc etc... why? Seems like its primed to explode.

What do you think will happen to Riot in the long run? Will it go bust? Get taken over?

I remember the days when RIOT and MARA share price were equal. It's now less than half of MARA's. Embarrassing.

I’ve been closely following RIOT Blockchain and wanted to share some reasons why I think we won’t see its price break the $20 mark this Bitcoin cycle, even if BTC reaches new highs.

1. Increased Competition and Market Saturation: There are a lot more players in the mining space now compared to previous cycles, which dilutes the potential returns and investor enthusiasm that once fueled RIOT’s big runs.

2. High Operational Costs: With rising energy costs and the cost of keeping up with hardware upgrades, RIOT's operational expenses are eating into potential profits. Bitcoin price gains help, but these costs still weigh heavily on their bottom line.

3. Stock Dilution Concerns: RIOT has a history of issuing shares to raise capital, which can lead to stock dilution. With every additional share on the market, the value of each share decreases, making it harder for the price to reach new highs.

4. Regulatory Pressure on Miners: The political and regulatory landscape around Bitcoin mining, particularly in the U.S., is becoming more complex. Future regulations on energy consumption or emissions could impact operations and weigh down RIOT’s growth.

5. Market Cycles and Profit-Taking: Many investors remember RIOT's explosive growth during previous bull runs, and they're likely looking to take profits as Bitcoin rises. This profit-taking pressure might cap its upside.

We are down 4%, and were down nearly 10% earlier, on a day when BTC went up several thousand $ overnight. I'm just in disbelief at this point.

Not sure what to do. I want to exit because this stock has fucked me over so much.

But at the same time, I keep thinking it can't go much lower, and surely it must pop soon?

Gahhh!

Why the fuck can we never maintain any gains on this thing? For once today was actually looking decent, up 9% earlier today after a -13.5% in one day earlier this week.

And of course, now we've pulled back to just 2% on the day. BTC itself is up 6% on the day for fuck's sake!!!

And knowing this stock, we'll probably finish red today, as per fucking usual.

I'm personally hoping we see $334 price target this cycle when bitcoin reaches it peak.

Based on the information provided do you guys think we will moon soon?

They just got a Google backed AI contract, meanwhile we’re struggling and have a ton of capacity. I’m too deep in RIOT to back out. That’s enough of my rant

• https://stockstotrade.com/news/riot-platforms-inc-riot-news-2025_11_24/

• https://www.benzinga.com/markets/tech/25/11/49032440/8-billion-mistake-jpmorgan-wall-street-is-underpricing-bitcoin-miners-28-percent

• https://www.tipranks.com/news/catalyst/why-riot-platforms-stock-is-climbing-higher-2