Riot Platforms Increases Stake in Bitfarms to 14%
Riot Platforms has increased its stake in Bitfarms to 14%, consolidating its position as a significant shareholder.
Bitcoin Miner Riot Platforms announced the purchase of additional shares in Bitfarms, as detailed in a press release.
On June 13, 2024, Riot acquired 1,432,063 common shares of, representing approximately 0.35% of the Company's issued and outstanding common shares. The purchase amounted to an aggregate total of approximately USD $3.87 million.
Prior to this acquisition, Riot owned 56,194,973 common shares of the company, corresponding to around 13.65% of the issued and outstanding shares. Following the purchase, Riot's ownership increased to approximately 14.00% of the common shares, consolidating its position as a significant shareholder.
Expressing "serious concerns regarding the Board's track record of poor corporate governance," Riot plans to requisition a special meeting of Bitfarms' shareholders. At this meeting, Riot intends to nominate a slate of "well-qualified and independent directors" to join the Company's board of directors.
The current state of affairs suggests that Riot is actively seeking to influence the governance and strategic direction of Bitfarms through both its increased equity stake and potential changes to the board composition.
