Stake in rival Bitfarms raised by Bitcoin miner Riot Platforms to 18.9% 💰

Bitcoin Miner Riot Platforms Increases Stake in Bitfarms to 18.9%

If you are interested in the latest developments in the cryptocurrency world, you’ll be intrigued to learn that Bitcoin miner Riot Platforms recently announced that it has raised its stake in rival Bitfarms to 18.9%. Here are some key points to keep in mind:

Riot Platforms Acquisition of Bitfarms Shares

Here are the details of Riot’s acquisition of Bitfarms shares:

– Riot acquired 1 million common shares of Bitfarms, representing about 0.22% of the issued and outstanding common stock of Bitfarms.
– This transaction brings Riot’s total ownership of Bitfarms shares to approximately 85.3 million.

Dispute Between Riot Platforms and Bitfarms

There has been an ongoing dispute between Riot Platforms and Bitfarms since April, when Riot made a $950-million offer to acquire Bitfarms:

– Bitfarms considered the offer to be undervalued and implemented a “poison pill” strategy to prevent a hostile takeover.
– A poison pill is a shareholder rights plan utilized by corporate boards to deter hostile takeover attempts.
– Bitfarms announced that Nicolas Bonta, its co-founder, and chair, would be leaving the company immediately.

Riot Platforms Seeks Seats on Bitfarms Board

Although Riot withdrew its acquisition offer previously, it is now looking to secure three seats on the Bitfarms board:

– Riot has expressed its willingness to engage with the revamped board regarding a potential transaction.
– By seeking board representation, Riot aims to actively participate in future decision-making processes within Bitfarms.

Hot Take: Stay Informed and Engaged in the Cryptocurrency Industry

As a cryptocurrency enthusiast, it is essential to stay informed about the latest developments in the industry. By following updates on companies like Riot Platforms and Bitfarms, you can gain valuable insights and stay ahead of the curve in the ever-evolving world of cryptocurrencies. Stay engaged, stay informed, and continue exploring the exciting opportunities that the cryptocurrency market has to offer.