Riot Platforms Increases Stake in Rival Bitfarms to 18.9% Amid Ongoing Dispute
👉 Key Highlights:
📍 Riot Platforms raises its stake in Bitfarms to 18.9% by acquiring 1 million additional shares.
📍 Riot now owns approximately 85.3 million Bitfarms shares, representing a significant minority position.
📍 Bitfarms co-founder and chair Nicolas Bonta steps down amidst the ongoing dispute.
📍 Riot previously made a $950M unsolicited offer to acquire Bitfarms, which was rejected as undervaluing the company.
📍 Bitfarms adopted a "poison pill" strategy to prevent a hostile takeover by Riot.
📍 Riot seeks three seats on Bitfarms' board and expresses willingness to engage with the reconstituted board.
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152243478 : How long would it take to takeover bitfarm?
egan1 : did you read the poison pill agreement?