Riot Platforms Shares Surge

Investing.com — Riot Platforms (NASDAQ:RIOT) shares surged 12% on Thursday following a Wall Street Journal report that activist investor Starboard Value has taken a significant stake in the bitcoin miner and is pushing for strategic changes.

Starboard is advocating for Riot to repurpose some of its bitcoin-mining facilities to cater to large-scale data center users, known as hyperscalers, according to sources cited in the report.

The size of Starboard’s stake remains unclear.

Riot, valued at nearly $4 billion, has experienced a 25% decline in market value this year despite a general rally in cryptocurrency-related stocks.