Riot Surges On Activist Data Center Proposal, ARK Resumes Coinbase Buys

Activist investor Starboard Value is pressuring Riot Platforms to accelerate its transition from Bitcoin mining to a high-performance data center model, citing untapped potential in AI and cloud computing infrastructure. Riot’s stock surged following the proposal, as investors bet on the company’s pivot to leverage its existing energy and hardware assets for data-intensive applications beyond cryptocurrency. ARK Invest, led by Cathie Wood, resumed purchasing Coinbase shares, signaling renewed confidence in crypto-related equities amid broader market volatility and regulatory shifts. The activist push highlights a growing trend of repurposing Bitcoin mining infrastructure for AI workloads, as energy costs and computational demands align with data center operational needs. Analysts note Riot’s strategic shift could position it as a hybrid player, bridging legacy crypto operations with emerging high-margin data services like quantum-resistant computing and edge AI.