Activist investor Starboard Value has built a significant position in Riot Platforms and is pushing for changes at the bitcoin-mining operator, according to people familiar with the matter. Riot, based in Castle Rock,

Activist investor Starboard Value has made a large investment in bitcoin miner Riot Platforms (RIOT) and is pushing for changes in the company's business model, The Wall Street Journal reported, citing people familiar with the matter.

Starboard is in discussions with Riot's management to potentially covert some of its facilities into data centers, the Journal reported.

Activist investor Starboard Value takes stake in Riot Platforms, proposing transformation of Bitcoin mining facilities into hyperscale data centers, sending RIOT shares up 14%.

Riot Platforms, Inc. (NASDAQ: RIOT) shares are trading higher Thursday following a report indicating that activist investor Starboard Value has taken a stake in the bitcoin-mining company. The exact size of Starboard's position has not been disclosed.

News of a prominent investor's entry into Riot Platforms ( RIOT 4.76%) juiced the cryptocurrency miner and investor's stock on Thursday. Eager investors piled into its shares, sending their value almost 5% higher on the day.

Riot Platforms bought approximately $510 million worth of Bitcoin, bringing its total BTC holdings to nearly $1.7 billion, amid reports of activist pressure on the Bitcoin miner.

Riot Platforms said Friday it expanded its Bitcoin holdings, days after MicroStrategy snapped up more of the world’s largest token. Riot said it acquired 5,117 Bitcoin for roughly $510 million between Dec.