Billionaire hedge fund manager Dan Loeb has added Bitcoin miner Hut 8 to his portfolio, according to a filing this week. The move places the crypto mining firm alongside Taiwan Semiconductor (TSMC), which Loeb called his top AI stock pick. The addition suggests that even as Loeb doubles down on chip fabrication for the AI boom, he sees value in the energy-intensive business of securing Bitcoin.
The Hut 8 position
Loeb's firm, Third Point, bought shares of Hut 8 during the second quarter. The exact size of the stake wasn't disclosed in the filing, but the inclusion is notable given Loeb's reputation for concentrated, thesis-driven bets. Hut 8 operates large-scale Bitcoin mining facilities in North America and has been expanding its fleet of ASIC miners. The stock has been volatile this year, tracking Bitcoin's price swings and the broader energy market.
Loeb's AI thesis
In the same filing, Loeb flagged TSMC as his top pick in artificial intelligence, highlighting the strategic importance of chip fabrication amid geopolitical risks and supply constraints. While Hut 8 is not an AI company, its business relies on specialized chips — ASICs designed for SHA-256 hashing — and cheap electricity. The parallel isn't exact, but both positions bet on the computational backbone of two rapidly growing industries: AI and crypto.
Loeb isn't the first prominent investor to wade into Bitcoin mining. But his entry at a time when the sector is grappling with post-halving margin compression and rising energy costs adds a fresh signal. Mining stocks have struggled to keep pace with Bitcoin's price recovery this year, and many firms have turned to debt or equity raises to fund operations. Loeb's vote of confidence could nudge other institutional players to take a closer look.
The timing isn't accidental. With the next Bitcoin halving still more than a year away, miners are in a consolidation phase. Hut 8, in particular, has been one of the more disciplined operators, avoiding the over-leverage that sank some competitors. Whether Loeb holds through the next cycle or flips the position for a quick gain remains an open question — but for now, the filing confirms he's in.
