The purchase came amid reports that the Bitcoin mining company was under pressure from activist investor Starboard Value.
Riot Platforms bought approximately $510 million worth of Bitcoin (BTC) between Dec. 10 and 12, bringing the Bitcoin miner’s total BTC holdings to nearly $1.7 billion, according to a Dec. 13 regulatory filing.
The purchases coincide with reports that activist investor Starboard Value has taken a “significant position” in the Bitcoin miner.
On Dec. 12, The Wall Street Journal reported that Starboard urged Riot to repurpose some of its Bitcoin mining capacity to service artificial intelligence models. Buying BTC has shown itself to be another way for Bitcoin miners to win over investors.
