{"id":16107,"date":"2024-08-14T20:02:32","date_gmt":"2024-08-14T17:02:32","guid":{"rendered":"https:\/\/forklog.com\/en\/riot-platforms-expands-stake-in-bitfarms-to-18-9\/"},"modified":"2024-08-14T20:02:32","modified_gmt":"2024-08-14T17:02:32","slug":"riot-platforms-expands-stake-in-bitfarms-to-18-9","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/riot-platforms-expands-stake-in-bitfarms-to-18-9\/","title":{"rendered":"Riot Platforms Expands Stake in Bitfarms to 18.9%"},"content":{"rendered":"

Mining firm Riot Platforms has acquired an additional 1 million shares of Bitfarms, raising its stake to 18.9% with the intention of a hostile takeover, as reported by The Block<\/a>.<\/p>\n

Currently, Riot Platforms holds over 85.29 million securities of its competitor, making it the largest shareholder.<\/p>\n

On August 13, Bitfarms co-founder Nicolas Bonta resigned<\/a> from the board of directors. His position was filled by the company’s CEO, Ben Gagnon.<\/p>\n

In late May, Riot made an offer to acquire Bitfarms for $950 million<\/a>. Bitfarms deemed the offer as “substantially undervaluing the firm and its growth prospects.”<\/p>\n

The Bitfarms board expressed a desire to continue discussions on a potential deal “in a meaningful way,” while adhering to traditional confidentiality measures. A special committee stated that the offer “significantly undervalues the company and its growth prospects.” <\/p>\n

Riot declined to participate in the process of exploring strategic alternatives, continuing to purchase securities on the secondary market.<\/p>\n

In June, Bitfarms adopted a shareholder rights plan through a “poison pill” strategy. Riot nominated three independent directors to the board of the target company, increasing its stake to 14%.<\/p>\n

In July, Bitfarms implemented a new “poison pill” protection plan. It includes a restriction on accumulating shares beyond a 20% stake. The company’s management noted that there are currently no specific takeover proposals that can be accepted under Canadian law. This implies that holders of 50% of common shares must consent to their purchase.<\/p>\n

Back in July, Riot Platforms acquired bitcoin miner Block Mining for $92.5 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mining firm Riot Platforms has acquired an additional 1 million shares of Bitfarms, raising its stake to 18.9% with the intention of a hostile takeover, as reported by The Block. Currently, Riot Platforms holds over 85.29 million securities of its competitor, making it the largest shareholder. On August 13, Bitfarms co-founder Nicolas Bonta resigned from […]<\/p>\n","protected":false},"author":1,"featured_media":16106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1184,1137,1186],"class_list":["post-16107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitfarms","tag-cryptocurrency-mining","tag-riot-platforms"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16107"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16107\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16106"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}