Riot Platforms Ups Stake in Bitfarms to 20%, Post-Acquisition of 1 Million Shares
CryptoNewsTerminal Staff13 Aug, 2024
Riot Platforms Ups Stake in Bitfarms to 20%, Post-Acquisition of 1 Million Shares
Riot Platforms, a crypto-currency mining firm, has increased its stake in its rival, Bitfarms, by purchasing another 1 million shares. This move brings Riot's total holdings in Bitfarms to 85.3 million shares, or 18.9% of the company. Riot's initial acquisition of a 12% stake in Bitfarms was followed by an offer to buy all of Bitfarms' outstanding shares for $950 million, but the offer was rejected by Bitfarms. In response to Riot's attempted takeover, Bitfarms raised its dilution threshold to 20% through a share issuance, effectively preventing Riot from taking control of the company. Riot's latest acquisition of an additional 1 million shares indicates its continued interest in Bitfarms and its belief in the growth potential of the crypto-currency mining industry.
