Viking Global’s $157M Riot Bet and Starboard’s 1.7 GW AI Data Push
Hedge fund Viking Global initiated a new $157 million position in Riot Platforms in Q4 2025, signaling a leveraged bullish bet on Bitcoin miners. Activist investor Starboard urged Riot to accelerate AI data center deals by deploying 1.7 GW of available power at Corsicana and Rockdale.
1. Viking Global Builds $157M Position
In the fourth quarter of 2025, Andreas Halvorsen’s Viking Global initiated a $157 million stake in Riot Platforms, marking one of the largest new positions in crypto mining stocks. This move underscores Viking’s conviction that a renewed Bitcoin bull cycle could drive outsized revenue and margin expansion for pure-play miners like Riot.
2. Starboard Calls for AI Data Center Expansion
Activist investor Starboard Value, owner of about 12.7 million Riot shares, pressed management to speed up AI and high-performance computing deals by leveraging 1.7 GW of idle power at its Corsicana and Rockdale sites. Starboard highlighted the need to target investment-grade hyperscalers and praised Riot’s AMD proof-of-concept while urging further appointments and operational shifts to capture the booming AI infrastructure market.