Bitcoin miner Riot Platforms (RIOT) finds itself a goal of a second activist investor, with Reuters reporting funding administration large D.E. Shaw as having taken an unspecified stake.

The transfer by D.E. Shaw, which manages $70 billion in property, comes simply weeks after one other activist investor, Starboard Worth (roughly $9 billion in AUM), took a position in Riot. On the time of Starboard’s funding, the WSJ reported the investor as pushing Riot to transform a few of its bitcoin mining websites into knowledge facilities that would host machines to allow high-performance computing (HPC) for giant tech firms.

Reuters did not specify if D.E. Shaw will put related strain on the miner. Nevertheless, the report famous, the funding agency has been identified to generally pursue an activist technique with a choice in the direction of negotiating with firms out of the limelight.

Earlier this month, Riot stated it began a formal evaluation of potential synthetic intelligence/HPC makes use of for its remaining 600 megawatts (MW) of energy capability at one among its amenities.

The bitcoin mining trade has confronted an intense revenue squeeze following the bitcoin halving earlier this yr (which slashed mining profitability), main some miners to search for methods to diversify their income sources. Whereas there was some pleasure in investor sentiment and share costs in latest months after Riot peer Core Scientific (CORZ) signed a multi-billion greenback cope with a hyperscaler — a agency working large-scale knowledge facilities for cloud computing and AI — that vanished this week with the emergence of China’s DeepSeek, which reportedly would require solely a tiny fraction of the computing energy U.S.-based AI performs have been thought to wish.

CORZ, to call only one, is decrease by about 30% since Monday. For its half RIOT is decrease by 18% over the identical interval and is roughly flat on a year-over-year foundation. Shares are up 1% right now.