Riot Platforms increases stake in Bitfarms to 14%

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Cointime2024/06/14 00:46

By:Cointime

Bitcoin miner Riot Platform has announced that it has acquired an additional 1,432,063 shares of Bitfarms stock at a price of approximately $2.7 per share, totaling $3.87 million. Riot now holds 57.62 million shares of Bitfarms, representing approximately 14% ownership. This is Riot's latest move in its hostile takeover of Bitfarms.

Last month, Riot attempted to acquire Bitfarms for approximately $950 million. On Wednesday, Riot's CEO criticized Bitfarms' latest plan to block the acquisition.

In a statement, Riot's CEO Jason Les said that Bitfarms did not reach out to us in good faith privately, but instead responded by implementing an off-market poison pill plan triggered at a far lower threshold than the typical 20%.

Earlier this week, Bitfarms implemented a poison pill strategy to prevent a potential acquisition. Poison pill strategies aim to reduce a company's attractiveness and/or dilute the acquirer's ownership of the target.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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