Starboard Value Takes Stake in Riot Platforms ($RIOT), Shares Surge 14%

Dec 12, 2024, 02:23 PM

Activist investor Starboard Value has taken a significant stake in Riot Platforms ($RIOT), a bitcoin-mining company, according to reports from the Wall Street Journal. Starboard is advocating for strategic changes at Riot, including converting some of its mining facilities into data centers to serve hyperscale users. Riot Platforms' shares have risen by 12.1% in premarket trading, with the stock up 14% overall following the news. This development highlights an increasing focus on diversification within the cryptocurrency mining sector.