Riot Increases Stake in Bitfarms, Now Holds Nearly 16 Percent

Bitcoin miner Riot Platforms has stepped up its takeover strategy of rival Bitfarms this month by purchasing about 10 million additional shares, according to a July 31 filing with the U.S. Securities and Exchange Commission (SEC).The SC 13D/A filing shows that Riot now owns 71.56 million of the total outstanding shares of Bitfarms, worth 159.1 million, equivalent to a 15.9% stake in the Canadian miner. The acquisition comes shortly after the Ontario Capital Markets Tribunal ruled that Bitfarms' original shareholder rights plan was invalid, which provided for dilution of outstanding shares if any one entity acquired more than 15 percent of the company. Prior to this ruling, Riot held a 14.9% stake in Bitfarms.