Billionaire Dan Loeb’s Third Point LLC has expanded its exposure to companies shifting from cryptocurrency mining to AI infrastructure, according to its second-quarter 13F filing. The filing reported 54,000 Core Scientific shares, giving the hedge fund equity exposure to a Bitcoin-mining company pursuing demand from high-performance computing and AI data centers rather than direct Bitcoin exposure. Third Point also increased its Hut 8 holdings by 51% to $151.8 million and opened positions in Riot Platforms and Applied Digital. It holds a $194.47 million stake in Block, Jack Dorsey’s financial technology enterprise. The strategy reflects pressure on Bitcoin-mining economics from lower cryptocurrency valuations, higher electricity costs and declining mining rewards, while emphasizing the potential value of power capacity, data centers and hosting infrastructure. Hut 8, Riot Platforms, Core Scientific and Applied Digital have each been developing or securing AI-related infrastructure and long-term contracts. The shift could broaden how investors value miners, although AI conversion requires different hardware, capital spending, reliability standards and customer relationships than cryptocurrency mining.