Key Takeaways
- • According to 13F filings for the quarter ended June 30, Leopold Aschenbrenner's Situational Awareness raised its Riot Platforms stake by 49% to 17.1 million shares, valued at $468 million.
- • Jeff Smith's Starboard Value cut its Riot Platforms holding by 35% to 10.1 million shares, valued at $277 million, though Riot remained a much larger position within the fund.
- • Divergent moves in Riot Platforms show two hedge funds taking opposite positions in the same stock over the same quarter.
- • TIKR's headline frames the Starboard reduction as a fund of roughly $5 billion to $8.2 billion in assets, with the primary source describing the Starboard holding as a sizable part of its portfolio.
Summary
According to 13F filings covering the quarter ended June 30, Leopold Aschenbrenner's Situational Awareness increased its position in Riot Platforms by 49%, bringing its holding to 17.1 million shares worth $468 million. The increase makes Situational Awareness one of the more prominent institutional holders of the bitcoin mining company during the period.
Over the same quarter, Jeff Smith's Starboard Value reduced its Riot Platforms stake by 35%, to 10.1 million shares valued at $277 million. The primary source notes that Riot remained a much larger part of the fund's portfolio despite the reduction, though the exact weighting was cut off in the source text.
The divergent positioning illustrates how two activist-style and event-driven managers can reach opposite conclusions on the same company within a single quarter. Per the 13F disclosures, the net effect is a sharp rise in one fund's exposure alongside a partial exit by another.
TIKR.com's companion headlines in the same series describe fund size differently, referring to Starboard Value as a $5 billion fund in one version and an $8.2 billion hedge fund in the story title. Other entries in the series cover David Einhorn's purchase of Fortune Brands Innovations and Dan Loeb's purchase of Block, where the cited funds cut stakes by 21% and 73%, respectively. The publisher's supplied text for this story is partly truncated and includes unrelated market commentary from Opalesque's briefing, which has been excluded here.
Over the same quarter, Jeff Smith's Starboard Value reduced its Riot Platforms stake by 35%, to 10.1 million shares valued at $277 million. The primary source notes that Riot remained a much larger part of the fund's portfolio despite the reduction, though the exact weighting was cut off in the source text.
The divergent positioning illustrates how two activist-style and event-driven managers can reach opposite conclusions on the same company within a single quarter. Per the 13F disclosures, the net effect is a sharp rise in one fund's exposure alongside a partial exit by another.
TIKR.com's companion headlines in the same series describe fund size differently, referring to Starboard Value as a $5 billion fund in one version and an $8.2 billion hedge fund in the story title. Other entries in the series cover David Einhorn's purchase of Fortune Brands Innovations and Dan Loeb's purchase of Block, where the cited funds cut stakes by 21% and 73%, respectively. The publisher's supplied text for this story is partly truncated and includes unrelated market commentary from Opalesque's briefing, which has been excluded here.
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