From Fired Researcher to $13.7 Billion King: How Leopold Aschenbrenner Broke the Hedge Fund World

36. Hut 8 Corp. (NASDAQ:HUT)

Situational Awareness LP’s Stake: Sold Off

Latest filings show that Situational Awareness LP has sold off the stake it held in Hut 8 Corp. (NASDAQ:HUT). The stock had first appeared in the 13F portfolio of the fund in the third quarter of 2025. Back then, this position comprised 599,000 shares. In the fourth quarter of 2025, the fund had increased this to 860,000 shares, up 43% compared to the previous quarter. The company operates as an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale to fuel energy-intensive use cases in the United States and Canada. Leopold Aschenbrenner is long on several former Bitcoin miners that have transitioned to providing AI infrastructure services in recent months.

Bulls are highly optimistic about the newly signed hyperscale AI data center leases by Hut 8 Corp. (NASDAQ:HUT), such as the 352 MW Beacon Point project. However, bears have focused on the structural liabilities required to capture that theoretical revenue. Hut 8 is not generating cash from day-to-day operations; it drained $27.2 million in negative net cash used in operating activities during Q1 2026 alone. Building out massive computing infrastructure requires billions in upfront infrastructure. To fund the River Bend AI campus, Hut 8 had to issue $3.25 billion in senior secured notes subsequent to quarter-end. While structured as non-recourse, carrying this level of institutional debt fundamentally alters the risk profile of a former asset-light crypto play.