Starboard Value increases stakes in Kenvue and Riot Platforms
Synopsis
Starboard Value increased its stakes in Kenvue and Riot Platforms in the fourth quarter, regulatory filings show. Kenvue reported modest quarterly sales growth but a slight annual revenue decline, while Riot posted higher revenue and profit from bitcoin mining. Starboard also expanded its Tripadvisor holdings. The filing outlined no specific strategic plans tied to these investments.
Starboard Value increased its stakes in Kenvue and Riot Platforms, according to SEC filings. Kenvue reported mixed annual sales performance, while Riot Platforms posted strong revenue and profit growth in 2025. The activist hedge fund also raised its Tripadvisor holdings. The filing did not disclose specific strategic plans tied to these investments.
Key Highlights
- Starboard Value increased stakes in Kenvue and Riot Platforms during fourth-quarter regulatory filing period.
- Kenvue reported fourth-quarter net sales growth but overall annual sales declined in 2025.
- Riot Platforms posted higher revenue and net income driven by bitcoin mining operations.
- Starboard also increased Tripadvisor stake to about 9.6 million shares worth $140 million.
Starboard Value increased its ownership stakes in Kenvue and Riot Platforms during the fourth quarter, according to a regulatory filing with the U.S. Securities and Exchange Commission.
The filing indicated Starboard had increased its holdings in both companies and cut or sold investments in a number of others, such as Salesforce, Autodesk, News Corp and Rogers Corporation. Starboard also boosted its stake in Tripadvisor to approximately 9.6 million shares with a valuation of approximately $140 million at the end of December.
Kenvue financial performance and investor focus
In 2023, Kenvue was a spin-off business of Johnson and Johnson, selling consumer health products such as Tylenol and Band-Aid. The net sales growth of the company in the fourth quarter of 2025 was approximately 3.2%. The net sales have reduced by around 2.1% in the entire year, and the adjusted earnings per share are about 1.08, according to the financial report of the company.
The company has been subject to investor scrutiny since its independence as a business, with activist investors, including Starboard, demanding some improvements in performance and operations.
Riot Platforms revenue growth driven by bitcoin mining
Riot Platforms is a US-based company that runs bitcoin mining plants, where expensive computers handle cryptocurrency transactions. Three-quarter 2025 revenue numbers in the company expanded to approximately 180.2 million against 84.8 million last year. The net income, as indicated in company filings, was approximately $104.5 million in the same quarter due to an increase in bitcoin production and better cryptocurrency prices.
According to the industry reports quoted in Reuters, the global bitcoin mining sector has grown considerably in recent years, with institutional investment and the increasing use of cryptocurrencies.
The regulatory filing failed to describe some strategic plans associated with Starboard that boosted its interests in Kenvue and Riot Platforms. Starboard has a history of investing in publicly traded companies and interacting with the management on business performance and shareholder value.
Starboard or the companies did not provide further information on what operational or strategic changes might have been possible in the increased shareholdings.
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Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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