US hedge fund Starboard Value has taken a stake in Riot Platforms and is pushing the company to improve its business model

According to the Wall Street Journal, citing people familiar with the matter, the US hedge fund Starboard Value has taken a stake in Riot Platforms, with the specific shareholding being unknown, and is pushing the company to improve its business model. Starboard has reportedly been urging Riot to transform some of its Bitcoin mining sites into data centers in order to host machines and provide high-performance computing (HPC) for large technology companies. Riot is currently a "pure" Bitcoin miner, with revenue coming only from Bitcoin mining, while some other peers, such as Core Scientific (CORZ), use a large number of its facilities for HPC and artificial intelligence computing.