Riot Platforms Boosts Stake in Bitfarms to 18.9% Amid Ongoing Tensions
Riot Platforms has increased its stake in Canadian Bitcoin mining company Bitfarms Ltd. to 18.9%, thereby strengthening its influence over the company.
This development follows Riot’s acquisition of an additional 1 million common shares in Bitfarms.
Riot stated :
The purchased shares were acquired through regular market transactions on the Nasdaq Stock Market and other open market transactions, at an average price of approximately $2.28 per share.
With this transaction, Riot’s total stake in Bitfarms increased to 85.3 million shares, up from 84.3 million previously, solidifying its role as a key shareholder.
This strategic move comes amid ongoing tensions between Riot and Bitfarms. That controversy began in April, when Riot made an unsolicited $950 million bid to acquire Bitfarms.
Bitfarms rejected the offer, describing it as undervalued, and implemented a “poison pill” strategy to prevent hostile takeover attempts.
READ MORE:
Top U.S. Bank Reveals Major Investment in Bitcoin ETFsAlthough Riot withdrew its initial takeover bid, the company continued to pressure Bitfarms management. This included a request to call a special shareholder meeting in June to propose the removal of certain directors and their replacement with independent nominees.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
JUST IN: Another Cryptocurrency Exchange Hacked, Large Amount of Altcoins Stolen
One of the major cryptocurrency exchanges has been found to be the victim of a notable hack. Here are the details.
Veda Labs official X account has been stolen, please do not click on suspicious links
Exowatt completes $20 million financing, a16z participates in the investment
Grayscale Mini BTC had a net inflow of $41 million yesterday