Stanley Druckenmiller’s family office, Duquesne Family Office, invested about $125.6 million in Bitcoin mining stocks in the quarter ended June 30, according to a Techub News item citing BeInCrypto. The firm’s largest position was in Bitdeer Technologies at $64.67 million, followed by Hut 8 at $36.3 million, Riot Platforms at $20.7 million, and IREN at $4 million.
To make room for those positions, the office reduced holdings in major U.S. AI chip names including Broadcom, Intel, and Micron Technology. Even so, it still increased exposure to other AI-related stocks such as Taiwan Semiconductor Manufacturing Co. Druckenmiller had said in October 2023 that he did not hold Bitcoin, but the new portfolio changes show indirect exposure through mining equities.
Since June 30, all four mining stocks have fallen: Bitdeer by 25.5%, Hut 8 by 24.4%, Riot by 24.3%, and IREN by 10%. The report said the positions were showing an unrealized loss of about $30.7 million. Over the same period, Bitcoin rose from about $58,600 to above $81,000, a gain of roughly 33%.
Stanley Druckenmiller’s family office, Duquesne Family Office, invested a combined $125.6 million in Bitcoin mining stocks in the quarter ended June 30, according to Techub News, which cited BeInCrypto.
The largest position was Bitdeer Technologies at $64.67 million. The office also held $36.3 million in Hut 8, $20.7 million in Riot Platforms, and $4 million in IREN.
Chip holdings were cut to free up room for miner positions
To make room for the Bitcoin miner trades, the office reduced stakes in major U.S. AI chip stocks including Broadcom, Intel, and Micron Technology. At the same time, it still added to AI-related holdings such as Taiwan Semiconductor Manufacturing Co.
Druckenmiller had said in October 2023 that he did not own Bitcoin. The latest portfolio positioning shows indirect exposure through mining equities instead.
Mining shares fell after June 30 while Bitcoin climbed
Since June 30, all four mining stocks named in the report have declined. Bitdeer fell 25.5%, Hut 8 dropped 24.4%, Riot lost 24.3%, and IREN slipped 10%.
The report said the positions were showing an unrealized loss of about $30.7 million. During the same period, Bitcoin rose from about $58,600 to above $81,000, up roughly 33%.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
