(Reuters) – Bitcoin miner Riot Platforms 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 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)
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