Daniel Seth Loeb is a billionaire investor who is the founder and chief executive of Third Point, a New York-based hedge fund. The firm's 13F filing with the U.S. Securities and Exchange Comm
Daniel Seth Loeb is a billionaire investor who is the founder and chief executive of Third Point, a New York-based hedge fund.
The firm's 13F filing with the U.S. Securities and Exchange Commission (SEC) revealed that it has invested in four Bitcoin miners turning to AI and Jack Dorsey's Bitcoin (BTC)-centric fintech during the second quarter of 2026.
Third Point raised its stake in Hut 8 (Nasdaq: HUT) to $151.8 million. The fund also opened positions in Riot Platforms (Nasdaq: RIOT) worth $7 million, Core Scientific (Nasdaq: CORZ) worth $1.38 million, and Applied Digital Corp. (Nasdaq: APLD) worth $820,000.
The fund also $194.47 million in Dorsey's Block (NYSE: XYZ).
Related: Another crypto company dumps Bitcoin amid price crash
Though Bitcoin mining remained a very profitable venture for years, the lower prices, higher power costs, and reduced rewards have made it far less profitable.
As the AI market exploded, these companies realized that they have a ready infrastructure to pivot to AI and quickly made the transition. While some of them are still involved in Bitcoin mining operations, AI is their main forte now.
In June, Applied Digital signed a 15-year, $5.2 billion lease with a U.S.-based investment-grade hyperscaler.
In July, Hut 8 signed a 15-year, $9.8 billion lease to fully commercialize its massive Texas data center campus. The same month, AMD agreed to lease more than 500 megawatts of Core Scientific's data center capacity.
Early this month, Riot Platforms signed a 20-year, $9.1 billion deal with AI giant Anthropic.
In February, Dorsey announced that Block was laying off more than 4,000 employees as its AI integration made those positions redundant.
Early this month, the company reported the financial results for the second quarter of 2026.
Block posted a revenue of $6.62 billion and earnings per share (EPS) of $1.02, beating estimates of $6.49 billion in revenue and 87 cents in EPS. The results suggested that the AI integration has been profitable for the company.
Third Point's filing indicates that billionaire Dan Loeb's hedge fund has diversified its portfolio to crypto companies now betting big on AI.
Related: Analysts reveal investors are underestimating Bitcoin miners
