# Loeb Bought Hut 8 Shares, Riot Debt

> Third Point's filing shows two AI infrastructure bets built from two different instruments, and copying them with common stock would miss the point.
- Title: Loeb Bought Hut 8 Shares, Riot Debt · Yahoo Finance | Shortify
- Summary: Third Point's filing shows two AI infrastructure bets built from two different instruments, and copying them with common stock would miss the point. A filing…
- Keywords: hedge funds, ai infrastructure, 13f filings, data centers, bitcoin miners, business, finance, Loeb, Bought, Hut, Shares, Riot
- Source: Yahoo Finance — https://finance.yahoo.com/markets/stocks/articles/dan-loeb-third-point-increased-132101919.html
- Published: 2026-09-12T13:21:01+00:00
- Read time: 1 min
- Topics: hedge funds, ai infrastructure, 13f filings, data centers, bitcoin miners, business, finance
## 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
## Key takeaway

A filing tells you what security a manager holds, not why. Hut 8 equity and Riot notes are different claims with different risk.