Two names, two instruments

Third Point's latest quarterly filing shows Hut 8 common shares and Riot notes. Not matching equity stakes in two AI infrastructure companies.

“The security types matter: it owned Hut 8 common shares and Riot notes, not matching equity positions”

What the tables actually show

Hut 8 shares went from 869,563 at March 31 to 1,315,000 at June 30. The newer table adds $3.5 million principal of Riot notes, marked near $7.03 million.

Contracts are not revenue

Hut 8's August update listed 949 megawatts of contracted IT capacity and roughly $26.6 billion of expected base-term contract value, with $7.5 billion of project financing secured.

“Those figures describe a substantial development opportunity, not an equivalent amount of revenue already earned.”

Riot's smaller real numbers

June-quarter data-center revenue was $23.2 million, but only $4.9 million was operating lease income. The other $18.3 million came from tenant fit-out services.

“Treating the entire figure as recurring rent would overstate the established rental stream.”

Delivery sits years out

Riot has handed AMD its first 25 megawatts. A new 191-megawatt lease with a frontier AI lab phases in during December 2027 and June 2028, so execution risk stays live.

Don't read it as a buy

Short interest on August 14 was 12.22% of Hut 8's float and 14.47% of Riot's. Common shareholders carry the build-out risk; Loeb's Riot notes are a different contractual claim.

“investors should understand before treating the manager's filing as a recommendation to buy either stock”