The American hedge fund Starboard Value has invested in Riot Platforms and is pushing the company to improve its business model

ChainCatcher news, citing sources from The Wall Street Journal, reports that the American hedge fund Starboard Value has acquired a stake in Riot Platforms, with specific shareholding details unclear, and is pushing the company to improve its business model.

According to reports, Starboard has been urging Riot to convert some of its Bitcoin mining sites into data centers to host machines for large tech companies, providing high-performance computing (HPC).

Riot is currently a "pure" Bitcoin miner, with its revenue solely coming from Bitcoin mining, while some of its peers, such as Core Scientific (CORZ), utilize a significant portion of their facilities for HPC and artificial intelligence computing.