Riot shares jump 12% on report of Starboard stake

Investing.comDec 12, 2024 3:12 PM

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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 pushing Riot to repurpose some of its bitcoin-mining facilities to serve large-scale data center users, known as hyperscalers, the report said, citing sources.

The size of Starboard’s stake remains unclear.

Riot, valued at nearly $4 billion, has lost about 25% of its market value this year despite a broader rally in cryptocurrency-related stocks.

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