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

Riot Platforms stock climbed Thursday on a report that activist investor Starboard Value had taken a stake in the Bitcoin mining company. Shares of Riot Platforms rose 10% to $12.95, though they traded as high as $13.

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.

Riot aims to add more Bitcoin to its stash, which already ranks third-largest among publicly traded companies.

Riot Platforms Inc (NASDAQ:RIOT) shares are seeing increased attention Tuesday after the company announced an upsized offering of convertible senior notes.