PANews reported on December 13 that CoinDesk quoted the Wall Street Journal as saying that people familiar with the matter revealed that the US hedge fund Starboard Value has invested in Riot Platforms. The specific shareholding situation is unknown, and it is pushing the company to improve its business model.

Starboard has reportedly been pushing Riot to turn 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 play" Bitcoin miner, with revenue coming solely from Bitcoin mining, while some of its peers, such as Core Scientific (CORZ), use a large portion of their facilities for HPC and AI computing.