Zweig-DiMenna’s Dash for Hut 8: A Jovial Jump in Shares!

There was a most curious flurry of activity at Zweig-DiMenna Associates LLC in the autumnal quarter of 2025, when the firm, with the enthusiasm of a man who’s just discovered a lost Rembrandt in his attic, acquired 508,700 shares of Hut 8. One might say the firm’s coffers swelled by a tidy $20.92 million, which is rather like finding a £5 note in one’s sock when one least expects it.

What happened

On the 7th of November, 2025, the firm filed a document with the SEC that would make even the most stoic of accountants raise an eyebrow. It transpired that during Q3, Zweig-DiMenna had taken a rather bold leap into Hut 8’s stock, increasing its holdings to 707,000 shares. By the close of September, this amounted to a market value of $24.61 million, which is, in the parlance of our times, a sum that could buy a rather splendid seaside villa-or at least a very large cheese platter.

What else to know

The fund, which reported 94 positions and a rather impressive $1.43 billion in reportable U.S. equity assets, found itself in a bit of a quandary. It seems Hut 8 now constitutes 1.72% of its 13F assets under management, a figure that, while not quite enough to warrant a top-tier spot, is certainly enough to merit a polite nod and a glass of sherry. The fund’s top holdings, for those of you keeping score, now include AppLovin, Amazon, Broadcom, GeneDx, and Taiwan Semiconductor Manufacturing-each a fine establishment in its own right, though one suspects they might find themselves slightly outshone by the new arrival.

AppLovin (APP +1.19%): $81.34 million (6.4% of AUM)
Amazon (AMZN +0.18%): $79.37 million (6.2% of AUM)
Broadcom (AVGO +2.42%): $69.51 million (5.4% of AUM)
GeneDx (WGS 1.85%): $64.89 million (5.1% of AUM)
Taiwan Semiconductor Manufacturing (TSM +0.61%): $53.75 million (4.2% of AUM)

Company overview

As of Dec. 5, 2025, Hut 8 shares were priced at $42.43, a figure that has risen by 57.0% over the year. One might say the stock has outperformed the S&P 500 by 44.2 percentage points, which is rather like a tortoise winning a race against a hare-though in this case, the hare appears to have been napping.

Metric	Value
Price	$42.43
Market capitalization	$4.58 billion
Revenue (TTM)	$178.32 million
Net income (TTM)	$205.76 million

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, which is to say it does everything from building power plants to mining Bitcoin. One might imagine the firm as a grand ballroom where Bitcoin and AI twirl about in a most energetic waltz.

The company’s large-scale data centers are the lifeblood of both cryptocurrency mining and high-performance computing for enterprise clients. It aims to capture value in both digital asset and AI-driven markets, which is rather like trying to catch two birds with one stone-though in this case, the birds are both rather large and may require a net of considerable strength.

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, in the first three quarters of 2025, benefited from two popular investor themes: AI and Bitcoin. Indeed, its shares soared over 90% in the third quarter alone, which is rather like a man in a top hat and monocle suddenly becoming the toast of the town. 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, much like a well-placed bet at the races.

Hut 8 is one of the top 15 public Bitcoin Treasury companies, according to BitcoinTreasuries.net. For much of the year, Bitcoin pushed upward, buoyed by investor optimism about 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, which is rather like a man who buys a horse in the morning and finds it has a limp by tea time.

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, which is rather like having a spare tire in the boot of one’s car-never certain when it will come in handy, but always reassuring.

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). A 13F filing is to a fund what a monocle is to a gentleman-both are essential accessories of respectability.

Position: The amount of a particular security or asset held by an investor or fund. A position is to an investor what a hat is to a hatstand-always in place, never forgotten.

Stake: The ownership interest or number of shares held in a company by an investor or fund. A stake is to a company what a garden gnome is to a garden-small, but ever-present.

Vertically integrated: A business model where a company controls multiple stages of its supply chain or production process. To be vertically integrated is to be as self-sufficient as a man with a pocket watch, a handkerchief, and a thermos.

High performance computing: The use of powerful computers and networks to process complex calculations and large data sets rapidly. High performance computing is to a data center what a grand piano is to a drawing room-impressive, but best left to the professionals.

Data center: A facility housing computer systems and infrastructure for storing, processing, and managing data. A data center is to the digital age what a library is to the literary age-both repositories of knowledge, though the former is far less likely to smell of old books.

Compute-intensive workloads: Tasks or applications that require significant computational power to process large or complex data. Compute-intensive workloads are to a data center what a thunderstorm is to a picnic-best approached with caution and a good umbrella.

Artificial intelligence (AI) data center services: Data center offerings designed to support AI workloads, such as machine learning and deep learning. AI data center services are to the future what a crystal ball is to a fortune teller-both full of promise, though one is rather more expensive.

Market value: The total value of a holding, calculated by multiplying the current share price by the number of shares owned. Market value is to an investor what a mirror is to vanity-both reflect one’s worth, though the former is subject to the whims of the market.

Outperforming: Achieving a higher return or growth rate than a benchmark or comparable investment. To outperform is to a stock what a encore is to a performance-both are signs of success, though the former is far more likely to be tax-deductible.

Digital asset mining: The process of using computing power to validate and record transactions on a blockchain, earning rewards in digital currencies. Digital asset mining is to the modern world what gold panning is to the Wild West-both require patience, skill, and a dash of luck.

TTM: The 12-month period ending with the most recent quarterly report. TTM is to a financial report what a year is to a calendar-both measure time, though the former is far more likely to be scrutinized by analysts.

2025-12-08 04:03