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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.
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