Bitcoin-Mining Company Riot Overhauls Board After Activist Pressure — WSJ

By Lauren ThomasRiot Platforms has overhauled its board and tapped bankers to help evaluate options for its power assets, after two activist investors built positions in the bitcoin-mining operator.The company said late Wednesday that three new directors-Jaime Leverton, Doug Mouton and Michael Turner-were joining the board, following input from both activists, Starboard Value and D.E. Shaw.Riot shares (RIOT) were slightly lower in premarket trading Thursday. The company had a market value of about $3.8 billion as of Wednesday.The Wall Street Journal reported late last year that Starboard was pushing Riot to convert some of its bitcoin-mining facilities into capacity for large data-center users known as hyperscalers.Riot said this week it had engaged Evercore bankers to help it evaluate AI or high-performance computing uses for its power assets at a facility in Navarro County, Texas. Riot said it has received interest from a number of possible suitors around that process.Riot's moves come as bitcoin miners in general have been trying to take advantage of rising demand for data-center space and the need for large amounts of power amid the AI boom.This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).