Investor Who Went 30 Years Without a Loss Just Bet $125 Million on Bitcoin

Stanley Druckenmiller's Duquesne Family Office allocated $125.6 million into four Bitcoin mining companies during the second quarter, according to a recent Form 13F regulatory filing. The investments include Bitdeer Technologies ($64.7 million), Hut 8 ($36.3 million), Riot Platforms ($20.7 million), and IREN ($4 million), making up approximately 2.4% of the firm's $5.21 billion portfolio. To establish these positions, Druckenmiller trimmed exposure to legacy chipmakers such as Broadcom, Intel, and Micron Technology, while expanding his holding in Taiwan Semiconductor to $281.6 million. The investment thesis targets Bitcoin miners due to their pre-existing electrical power contracts and infrastructure, which artificial intelligence companies urgently seek for high-performance computing centers. However, the miner equity strategy has underperformed spot cryptocurrency assets. Since June 30, the four mining stocks have dropped roughly 24% on average, resulting in an estimated $30.7 million unrealized loss, whereas Bitcoin itself advanced around 33% from approximately $58,600 to over $81,000.