Hedge Funds Target Bitcoin Miner HUT, Bitcoin Bank CUBI

The most significant insider buy on today's list comes via a 13G filing by Philippe Laffont’s Coatue Management L.L.C.

The investment firm revealed an initial stake of 9.20% in bitcoin miner Hut 8 Mining Corp $HUT.

RA Capital Management LP also reported an original stake of 5.90% in Recursion Pharmaceuticals Inc $RXRX in a 13G filing..

Here’s The Hot Corner, with data through July 8, 2024:

Wellington Management Company revealed a new passive stake in TPG Inc $TPG of 10.16%

Wellington also reported an increase in its Customers Bancorp $CUBI position from 5.41% to 10.18%.

The relative strength from bitcoin miners has been off the charts, as they continue to trend higher in an otherwise tough tape for the broader crypto space.

Here’s Hut 8 Corp $HUT on the verge of completing a two-year bearish-to-bullish reversal pattern.

While HUT has already doubled over the past few months, we think it can run a lot further if this is a valid trend reversal.

We’ll definitely be talking about this one more in the future.

Stay tuned. We'll be back on Wednesday with more insider activity.

And please reach out with any questions. We love hearing from you!