Zweig-DiMenna Quadruples Its Hut 8 (HUT) Position

Zweig-DiMenna Associates LLC made a significant buy of 508,700 shares of Hut 8 (NASDAQ:HUT) in Q3 2025. The value of its position increased by approximately $20.92 million.

What happened

Zweig-DiMenna Associates disclosed in a November 7, 2025, SEC filing that it increased its holdings in Hut 8 by 508,700 shares during Q3 2025. The post-trade position stood at 707,000 shares, representing a market value of $24.61 million as of September 30, 2025.

What else to know

The fund reported 94 positions and $1.43 billion in reportable U.S. equity assets. This buy takes Hut 8 to 1.72% of Zweig-DiMenna’s 13F assets under management (AUM), outside the top five fund holdings.

Zweig-DiMenna’s top holdings after the filing:

• AppLovin (NASDAQ:APP): $81.34 million (6.4% of AUM)
• Amazon (NASDAQ:AMZN): $79.37 million (6.2% of AUM)
• Broadcom (NASDAQ:AVGO): $69.51 million (5.4% of AUM)
• GeneDx (NASDAQ:WGS): $64.89 million (5.1% of AUM)
• Taiwan Semiconductor Manufacturing (NYSE:TSM): $53.75 million (4.2% of AUM)

Company overview

As of Dec. 5, 2025, Hut 8 shares were priced at $42.43, up 57.0% over the year. It outperformed the S&P 500 by 44.2 percentage points during the same period.

Data as of market close Dec.5, 2025.

Company snapshot

Hut 8 operates as a vertically integrated provider of energy infrastructure and digital asset mining. It focuses on Bitcoin (CRYPTO:BTC) and advanced computing workloads.

The company leverages large-scale data centers to support both cryptocurrency mining and high-performance computing for enterprise clients. It aims to capture value in both digital asset and AI-driven markets.

• Hut 8 offers large-scale energy infrastructure, Bitcoin mining, high-performance computing, and artificial intelligence data center services.
• It generates revenue by designing, building, and operating data centers.
• It serves enterprise clients and institutions seeking advanced computing and digital asset solutions.

Foolish take

Hut 8 benefited from two popular investor themes in the first three quarters of 2025: AI and Bitcoin. Indeed, Hut 8 shares soared over 90% in the third quarter alone. This meant that Zweig-DiMenna’s purchase of new shares accounted for only part of its increased exposure. The surging price also pushed up the value of its existing shares.

Hut 8 is one of the top 15 public Bitcoin Treasury companies, per BitcoinTreasuries.net. For much of the year, Bitcoin pushed upward -- in part due to investor optimism about the potential impact of a pro-crypto administration. However, sentiment shifted in October, and crypto prices are now struggling. Hut 8's price has fallen since Zweig-DiMenna’s purchase.

However, Hut 8 is not completely reliant on Bitcoin. Like other Bitcoin miners, the company is positioning itself as a power generator and digital infrastructure firm. Bitcoin is a volatile asset, and mining has become less profitable. Leveraging its energy capabilities to meet the growing demand from AI data centers could give Hut 8 an important alternative revenue stream.

Glossary

13F assets under management (AUM): The total value of U.S. equity securities a fund must report quarterly to the Securities and Exchange Commission (SEC).

Position: The amount of a particular security or asset held by an investor or fund.

Stake: The ownership interest or number of shares held in a company by an investor or fund.

Vertically integrated: A business model where a company controls multiple stages of its supply chain or production process.

High performance computing: The use of powerful computers and networks to process complex calculations and large data sets rapidly.

Data center: A facility housing computer systems and infrastructure for storing, processing, and managing data.

Compute-intensive workloads: Tasks or applications that require significant computational power to process large or complex data.

Artificial intelligence (AI) data center services: Data center offerings designed to support AI workloads, such as machine learning and deep learning.

Market value: The total value of a holding, calculated by multiplying the current share price by the number of shares owned.

Outperforming: Achieving a higher return or growth rate than a benchmark or comparable investment.

Digital asset mining: The process of using computing power to validate and record transactions on a blockchain, earning rewards in digital currencies.

TTM: The 12-month period ending with the most recent quarterly report.

Emma Newbery has positions in Amazon. The Motley Fool has positions in and recommends Amazon, Bitcoin, and Taiwan Semiconductor Manufacturing. The Motley Fool recommends Broadcom. The Motley Fool has a disclosure policy.