Riot Platforms appoints new directors to board with inputs from Starboard, DE Shaw (updated)
13/02/2025 01:39
(Adds details from Riot's statement and background throughout)
Feb 12 (Reuters) - Bitcoin miner Riot Platforms RIOT.O
said on Wednesday it has appointed three new directors to its
board after inputs from investors Starboard Value and D. E.
Shaw.
The move comes after Reuters reported in January that D.E.
Shaw, best known for employing quantitative investment tools to
power returns, had built a position in the firm to push for
changes.
Last year, Starboard Value also took an undisclosed position
in the company. Starboard had pushed Riot to consider allotting
some of its power capacity to artificial intelligence.
Starboard Value and D. E. Shaw did not immediately respond
to Reuters' requests for comment following Riot's statement.
Riot said that the newly appointed members Jaime Leverton,
Doug Mouton and Michael Turner are experienced with overseeing
the conversion of Bitcoin mining assets for potential artificial
intelligence or high-performance computing (HPC) uses.
Riot, which processes bitcoin transactions and receives the
cryptocurrency as payment, also added that it has engaged
Evercore and Northland Capital to evaluate potential
AI/high-performance computing uses for its remaining power
capacity at its Corsicana, Texas facility in order to maximize
their value.
Riot, which is worth about $3.8 billion, last year sought to
take over rival miner Bitfarms BITF.TO but the two did not
agree to a sale, but agreed on changes to Bitfarms' board
Hopes have been high in the crypto industry that the sector
will benefit during President Donald Trump's administration,
which has sent encouraging signals that regulations might be
relaxed.
(Reporting by Kanjyik Ghosh and Mrinmay Dey; Editing by
Subhranshu Sahu and Rashmi Aich)
((Kanjyik.Ghosh@thomsonreuters.com;))