CandleFocus Activist Investor Starboard Has Built Stake in Bitcoin Miner Riot: WSJ
2024-12-12
Author: Content Editor
Activist investor Starboard Value has made a significant investment in bitcoin miner Riot Platforms (RIOT) and is advocating for changes in the company's business model. Starboard is pushing Riot to convert some of its bitcoin mining sites into data centers that can host high-performance computing for big tech companies. Riot is currently a pure-play bitcoin miner, unlike some of its peers that have diversified into HPC and artificial intelligence computing. This move by Starboard represents the first time a traditional activist investor is seeking to diversify a publicly traded miner's revenue into data centers. Riot's stock rose following the news.
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