Activist investor Starboard Value urged Riot Platforms to accelerate a shift from bitcoin mining to AI/high-performance computing data centers, citing Riot’s 1.7 GW of available power and Texas sites (Corsicana, Rockdale) as assets that could secure premium AI hosting deals. Starboard said monetizing that capacity like recent transactions could generate more than $1.6 billion in annual EBITDA, praised Riot’s AMD deal (projected to yield $311 million over 10 years), and — as Riot’s fourth-largest shareholder — urged management to act urgently. Riot shares rose nearly 9% on the letter.

Shares rose nearly 9% after Starboard urged Riot to shift from bitcoin mining to AI/HPC hosting; Starboard cited Riot’s 1.7 GW of available power and Texas sites (Corsicana, Rockdale) and estimated >$1.6B annual EBITDA if monetized similarly to recent transactions; Starboard also highlighted Riot’s AMD deal (projected $311M over 10 years) and is Riot’s fourth-largest shareholder urging urgent action.