Third Point takes 54,000-share Core Scientific stake in miner-AI trade

Dan Loeb's Third Point disclosed a 54,000-share position in Core Scientific, the latest institutional bet on Bitcoin miners repurposing power and data-center assets for AI compute.

Third Point reported a 54,000-share stake in Core Scientific in its Q2 13F filing, adding a marquee name to the trade around Bitcoin miners moving into AI infrastructure.

The position, disclosed in the fund's quarterly filing with the Securities and Exchange Commission, is equity exposure to a company that built its identity on Bitcoin mining and now sits inside the market shift toward high-performance computing.

Core Scientific's second-quarter revenue rose 109 percent year over year to $164.2 million, helped by a data-center collaboration with AMD that could generate $14 billion in contracted revenue. Third Point also increased its Hut 8 holdings by 51 percent to $151.8 million and opened fresh positions in Riot Platforms and Applied Digital, the filing shows.

The disclosure shows institutional capital is treating miner equities less as pure Bitcoin proxies and more as infrastructure assets, a re-rating that could hold if miners convert power capacity into long-term AI hosting contracts.

Why miners became AI infrastructure candidates

Bitcoin miners already own or lease large-scale energy and data-center capacity, making them natural candidates for AI compute pivots. The AI boom has created heavy demand for power, land, cooling, hosting, and high-density facilities. Some mining companies have repositioned part of their infrastructure for high-performance computing customers.

Core Scientific sits directly inside that shift. A company once valued mainly on Bitcoin production can now be assessed through power capacity, hosting contracts, data-center optionality, balance-sheet repair, and exposure to AI compute demand.

Not direct Bitcoin exposure

Third Point's filing does not show spot Bitcoin accumulation or a direct BTC treasury allocation. It shows a public-equity position in a company connected to Bitcoin mining and AI infrastructure. That still matters for crypto markets, but for a different reason: institutional investors may be approaching Bitcoin-adjacent infrastructure through equities rather than coins, a route that avoids custody of digital assets.

The biggest question is how durable the AI pivot becomes. If miners sign long-term compute or data-center contracts, their valuations may become less dependent on Bitcoin production alone. Investors may begin comparing them with infrastructure, power, or data-center companies rather than only with other miners.

But execution risk is high. Mining facilities are not automatically AI data centers. AI workloads require different hardware, customer relationships, reliability standards, capital spending, and technical operations. Not every miner will make that transition successfully.

For Bitcoin markets, the filing does not mean institutional investors are all buying BTC through mining equities. It means the infrastructure around Bitcoin is becoming useful in other high-demand sectors, which may make mining stocks more important to traditional investors even when those investors are not directly buying the coin.

This article is for informational purposes only and does not constitute investment advice.