Bitcoin Miner Riot Platforms Attracts Second Activist Investor D.E. Shaw

Investment firm D.E. Shaw's stake in Riot follows Starboard Value's push for strategic diversification into AI and high-performance computing.

D.E. Shaw, managing $70 billion in assets, has acquired an undisclosed stake in Riot Platforms, making it the second activist investor involved with the company.
Starboard Value, which took a position in Riot late last year, has been advocating for the company to explore artificial intelligence and high-performance computing (HPC) applications.
In response to investor pressures, Riot is formally evaluating AI and HPC uses for 600 MW of power capacity at its Corsicana, Texas facility.
The bitcoin mining industry faces profitability challenges following the recent bitcoin halving, leading miners like Riot to consider diversifying revenue streams.
Riot's stock saw a 4% intraday rise following the news of D.E. Shaw's involvement, though its shares remain flat year-over-year.