Bitfarms Co-Founder and Acquisition Target Departs Board
CryptoNewsTerminal Staff13 Aug, 2024
Bitfarms Co-Founder and Acquisition Target Departs Board
Bitfarms, a publicly traded Bitcoin mining company, recently announced that Nicolas Bonta, one of the company's founders, has stepped down from his role on the board of directors. Bonta's departure coincides with the appointment of new CEO Ben Gagnon to the board. Bonta's resignation comes amid a tumultuous period for Bitfarms. The company found itself at the center of an acquisition battle between fellow mining company Riot Blockchain. Riot initially acquired a 12% stake in Bitfarms and subsequently launched a $950 million hostile takeover bid. However, Bitfarms rejected the offer, claiming it was not in the best interests of shareholders. In response, Bitfarms diluted Riot's stake to 20% by issuing new shares, effectively ending the acquisition attempt. Bonta had reportedly played a central role in the acquisition battle, making his resignation from the board a significant development. The company has not provided an official reason for Bonta's departure.
