"HODL," went a one-word tweet from the billionaire hedge funder minutes ago.
Loeb is the founder of hedge fund Third Point. Third Point earlier this year revealed a stake in Hut 8, but that investment was more about the company's data center business, rather than a bet on bitcoin mining.
Third Point lost $60 million years ago when it invested in FTX before the crypto exchange's collapse.
As the third quarter gets underway, markets are in the process of reversing what's been a historic run higher for those companies selling the picks and shovels of the AI boom.
That includes not just familiar names like SanDisk, Micron, and Applied Materials — all down double-digit percentages over the past two sessions — but also those bitcoin miners who shed that business for the far more lucrative operations of providing computing power for AI.
Keel Infrastructure (KEEL) and Cipher Mining (CIFR) are leading the declines, each down 14% on Thursday. Core Scientific (CORZ), IREN (IREN), TeraWulf (WULF), Hut 8 (HUT), and Riot Platforms (RIOT) are all lower by closer to 10%.
The Nasdaq is at its session low, off 1.5%. Bitcoin (BTC) is higher by 3% over the past 24 hours to $61,600.
Goldman Sachs' U.S. High Beta Momo stocks — essentially high-flying memory and chip stocks such as Micron, SanDisk, Intel, and Lam Research — are plunging again on Thursday.
That brings the two-day loss for the. basket to more than 23%, according to ZeroHedge, which adds that it's the worst two-day plunge for the group since the 2020 Covid market.
Some digital asset bulls have suggested that this sort of reversal in what's been an historic momentum trade might be necessary to send capital back into crypto.
Bitcoin (BTC) remains at $61,600, up about 3% over the past 24 hours.
Crypto markets are upbeat today, and long-running decentralized exchange Uniswap (UNI) stands out with a 15% gain over the past 24 hours.
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