The bet looks straightforward on paper. Dan Loeb's Third Point, the New York hedge fund, disclosed in a 13F filing with the Securities and Exchange Commission that it has placed capital across five companies that built their foundations in Bitcoin mining and are now pivoting to AI infrastructure. The largest position is $151.8 million in Hut 8 (HUT). The complication is that every company here is running from a deteriorating core business, and the long-term contracts that justify these stocks are years away from full revenue realization.
The case for the trade is the contract book. In July, Hut 8 signed a 15-year, $9.8 billion lease to fully commercialize its Texas data center campus. Riot Platforms (RIOT), where Third Point opened a $7 million position, followed this month with a 20-year, $9.1 billion deal with Anthropic. Applied Digital (APLD), a smaller $820,000 stake, had signed a 15-year, $5.2 billion lease with a U.S.-based investment-grade hyperscaler in June. Core Scientific (CORZ), where the fund holds $1.38 million, had AMD agree in July to lease more than 500 megawatts of its data center capacity.
The Block (XYZ) position, at $194.47 million, follows a different logic. Jack Dorsey's fintech reported second-quarter 2026 revenue of $6.62 billion and earnings per share of $1.02, clearing estimates of $6.49 billion in revenue and 87 cents per share. Dorsey announced in February that Block was cutting more than 4,000 jobs as AI integration made those roles redundant. The Q2 beat suggests the restructuring is producing results.
The counterargument is that this pivot is more defensive than it appears. $BTC mining profitability eroded across three converging pressures: lower $BTC prices, higher power costs, and reduced block rewards. These companies did not choose AI from strength. They moved toward it because their original revenue model was shrinking. A 20-year data center lease is an attractive headline, but those billions arrive over decades, and execution risk over a 15- or 20-year horizon is real.
On balance, the filing reads as Loeb treating the AI infrastructure pivot among former miners as a durable thesis rather than a tactical trade. The Hut 8 and Block commitments are the positions with weight; the smaller stakes in Riot, Core Scientific, and Applied Digital are sized like optionality on the same theme. The line to watch is whether the contracted revenue from those multi-decade leases begins appearing on income statements in forms the market has not already priced.