Riot Platforms, Inc., a Nevada-based vertically integrated Bitcoin mining company, has filed a Schedule 13D with the United States Securities and Exchange Commission on May 21, 2024, indicating a significant acquisition of shares in Bitfarms Ltd., a Canadian corporation. Riot Platforms disclosed the beneficial ownership of approximately 9.25% of Bitfarms' common shares, representing 36,856,350 shares. The company has expressed its intention to acquire all outstanding common shares of Bitfarms at a proposed transaction price of US$2.30 per share, payable in a mix of cash and Riot Platforms' common stock. Riot Platforms has also communicated its plan to call a special meeting of Bitfarms' shareholders to nominate several independent directors to the company's board. The acquisition strategy follows Riot Platforms' purchases of Bitfarms' shares...Show More

Riot Platforms, Inc., a Nevada-based vertically integrated Bitcoin mining company, has filed a Schedule 13D with the United States Securities and Exchange Commission on May 21, 2024, indicating a significant acquisition of shares in Bitfarms Ltd., a Canadian corporation. Riot Platforms disclosed the beneficial ownership of approximately 9.25% of Bitfarms' common shares, representing 36,856,350 shares. The company has expressed its intention to acquire all outstanding common shares of Bitfarms at a proposed transaction price of US$2.30 per share, payable in a mix of cash and Riot Platforms' common stock. Riot Platforms has also communicated its plan to call a special meeting of Bitfarms' shareholders to nominate several independent directors to the company's board. The acquisition strategy follows Riot Platforms' purchases of Bitfarms' shares in the open market over a 60-day period leading up to the filing, with an aggregate purchase price of US$72,122,651 funded from working capital. The proposed transaction, if successful, could lead to a change of control in Bitfarms, including potential de-listing from the Nasdaq Stock Market and de-registration of the common shares under the Securities Exchange Act of 1934.