The post Riot Platforms Acquires 16.9% Stake in Bitfarms Ltd. appeared on BitcoinEthereumNews.com.

Rebeca Moen Aug 03, 2024 13:04 Riot Platforms, Inc. reports a significant stake increase to 16.9% in Bitfarms Ltd., aiming to influence the company’s board composition. Riot Platforms, Inc. (NASDAQ: RIOT) has announced the acquisition of a 16.9% beneficial ownership in Bitfarms Ltd., according to a recent press release by the company. This strategic move is part of Riot’s broader plan to influence the operational and strategic direction of Bitfarms. Details of the Acquisition On August 2, 2024, Riot Platforms acquired 380,838 common shares of Bitfarms, representing approximately 0.08% of the issued and outstanding common shares. The shares were purchased on the Nasdaq Stock Market at an average price of approximately US$2.40 per share, totaling around US$914,468.21. Prior to this acquisition, Riot owned 75,886,480 common shares, accounting for 16.82% of Bitfarms’ total shares. After the latest purchase, Riot’s ownership increased to 76,267,318 shares, or 16.9% of the company. Strategic Implications Riot has been actively seeking to influence Bitfarms’ corporate governance. On June 24, 2024, Riot requisitioned a special shareholders meeting to remove Bitfarms’ Chairman Nicolas Bonta and directors Andrés Finkielsztain and Fanny Philip. Riot has nominated three independent candidates to replace them. Riot’s intentions are to review and possibly adjust its investment in Bitfarms based on various factors, including market conditions, the company’s financial position, and strategic discussions with Bitfarms’ board and advisors. Riot may either increase or decrease its stake, or propose further actions to align Bitfarms’ strategy with its own objectives. Future Prospects and Statements Riot Platforms has emphasized that this acquisition and related actions are not a formal offer to buy or sell any securities of Bitfarms. The company plans to file an Early Warning Report in accordance with Canadian securities laws, which will be available on the SEDAR+ platform. Riot’s vision is to be a leading…

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Filed under: News - @ August 4, 2024 7:08 pm