Riot Platforms Increases Stake in Bitfarms, Strengthens Position in Crypto Mining
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Riot Platforms, a significant player in Bitcoin mining, has significantly increased its stake in Bitfarms by acquiring over 10.23 million shares in July, bringing its total ownership to 71.56 million shares valued at $159.1 million. This latest move raises Riot's total stake in Bitfarms to 15.9%. The shares were purchased at prices between $2.48 and $2.84 per share, confirmed by a filing with the U.S. Securities and Exchange Commission (SEC) dated July 31, 2024.
This acquisition comes after Riot's $950 million acquisition bid for Bitfarms in May, which was rejected by Bitfarms' board. To counter Riot's efforts, Bitfarms implemented a shareholder rights plan, often referred to as a "poison pill," to prevent a hostile takeover.
Bitfarms argued that Riot's offer undervalued its growth prospects. Riot previously held 11.62% of Bitfarms' shares at the time of the acquisition bid. The board of Bitfarms unanimously supported the poison pill plan to protect the interests of shareholders, illustrating the complex dynamics of the ongoing struggle between Riot and Bitfarms in the crypto mining industry.
Bron: ultramining.com ↗
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