Key Takeaways
- Riot Platforms has become the largest shareholder of Bitfarms with an 18.9% stake.
- Both Riot and Bitfarms have reported increased bitcoin production despite financial losses.
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Riot Platforms has purchased an additional 1 million shares of rival bitcoin miner Bitfarms, increasing its ownership to 18.9% of outstanding shares. The move advances Riot’s bid to take over Bitfarms amid leadership changes and upcoming shareholder votes.
Riot Platforms now owns over 85.29 million shares of Bitfarms, cementing its position as the company’s largest shareholder. This latest acquisition, valued at approximately $2.28 million, comes just a day after Bitfarms co-founder and former chairman Nicolas Bonta stepped down from the board of directors.
The leadership shakeup continues as Riot nominated three independent directors to the Bitfarms board in July to replace Bonta and others. Bitfarms has scheduled a special shareholder meeting…
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