Summary by Moomoo AI
Riot Platforms, Inc., a Bitcoin mining and digital infrastructure company, has announced the acquisition of additional shares in Bitfarms Ltd., increasing its beneficial ownership to 12%. The acquisition, which took place on June 5, 2024, involved the purchase of 1,460,278 common shares at a weighted average price of approximately $2.45 per share, totaling around $3.58 million. Prior to this transaction, Riot owned approximately 11.63% of Bitfarms' issued and outstanding common shares. Riot's total ownership now stands at 47,830,440 common shares. Alongside this increase in stake, Riot intends to call a special meeting of Bitfarms' shareholders to nominate new directors to the board, citing concerns over the current board's corporate governance. Riot is reviewing its investment strategy in Bitfarms and may adjust its position based on various...Show More