Change

Texas-based bitcoin mining giant <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/">Riot</a> Platforms has invested $111 million since March to acquire a 13.1% stake in Canadian rival <a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/">Bitfarms</a>. According to a filing on Wednesday, Riot recently purchased nearly 6 million Bitfarms shares in the open market, increasing its total stake to 53.8 million shares as of June 11, according to <a href="https://theminermag.com/news/2024-06-12/bitcoin-mining-riot-111-million-acquisition-bitfarms">TheMinerMag</a>. 
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Riot's most recent transaction was the acquisition of 2.3 million shares at a weighted average price of $2.22 per share. This came shortly after Bitfarms announced a shareholder rights plan, known as a "poison pill" strategy, to thwart Riot’s hostile takeover attempt by potentially diluting its shares. 
Since late March, Riot has steadily increased its stake in Bitfarms, investing a total of $111 million at an average cost of $2.07 per share. Bitfarms' share price closed at $2.27 on Tuesday. 
In response to Bitfarms' poison pill strategy, Riot’s CEO Jason Les criticized the action, stating it "demonstrates the Bitfarms Board’s entrenchment and disregard for the perspectives of its shareholders." Les called for the removal of Bitfarms' chairman and interim CEO, Nicolas Bonta, who has been leading the board since 2018. 
Les emphasized the need for improved corporate governance at Bitfarms and urged the board to facilitate Bonta's resignation and removal to better serve shareholder interests.

Riot Invests $111M for 13.1% Stake in Bitfarms, Calls for Leadership Change

Ultramining_Eng

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