Dan Loeb’s Third Point Increased Its Reported Hut 8 Stake and Disclosed Riot Debt Exposure

Dan Loeb's Third Point disclosed holdings in Hut 8 Corp. and Riot Platforms, Inc. in its latest financial report. The company owned Hut 8 common shares and Riot notes, not equities in AI infrastructure firms. Insiders held 73 Hut 8 shares in Q2 2026 compared to 60 in Q1, and 55 Riot shares compared to 49. Hut 8 shares rose from 869,563 to 1,315,000 between March 31 and June 30.

Riot notes totaled $3.5 million, valued at $7.03 million, with no similar Riot position in the prior report. Hut 8's August update detailed 949 megawatts of contracted IT capacity, $26.6 billion in contract value, and $7.5 billion in secured project financing. These figures highlight potential, not current revenue. Riot generated $23.2 million in Q2 data-center revenue, split between $4.9 million in operating lease income and $18.3 million in tenant fit-out services.

The $23.2 million figure should not be considered pure recurring rent. Hut 8 had delivered 25 megawatts to AMD; August added a 191-megawatt lease with a frontier AI lab, with delivery expected in December 2027 and June 2028. Hut 8 and Riot both face the challenge of turning commitments into lasting returns, with shareholders bearing the execution risk.

Third Point's debt exposure to Riot adds a unique claim, which should be considered before viewing the filing as a buy recommendation. While HUT and RIOT may present investment opportunities, the author believes other AI stocks offer more upside with less downside risk.