Hut 8, a company transitioning from Bitcoin mining to AI data center operations, has caught the attention of Dan Loeb's hedge fund Third Point.
Third Point bought $40.8 million worth of shares in Hut 8, with its Q1 2026 revenue surging to $71 million, mostly from compute services rather than crypto mining.
Hut 8 secured $9.8 billion in long-term contracts, backing this significant revenue increase.
This shift towards AI data centers reflects growing institutional interest in hybrid crypto-AI firms and could change how Hut 8 is valued, moving from crypto metrics to data center benchmarks.