Main Points Related to Bitcoin, Web3, Ethereum, and Cryptocurrency:
- Riot Platforms increases acquisition efforts of Bitfarms
- Riot now owns 71.56 million Bitfarms shares
- Riot holds a 15.9% stake in Bitfarms
- Riot announces $950 million acquisition bid for Bitfarms
- Bitfarms implements shareholder rights plan to protect against takeover
Riot Platforms Increases Bitfarms Acquisition Efforts
Riot Platforms has recently enhanced its acquisition efforts of Bitfarms by acquiring over 10 million more shares this month, increasing its stake in the company. According to a filing with the US Securities and Exchange Commission, Riot now holds 71.56 million Bitfarms shares valued at $159.1 million, making them a significant player in the cryptocurrency mining industry.
The Battle Between Riot and Bitfarms
In a strategic move, Riot announced a substantial $950 million acquisition bid for Bitfarms, alleging that Bitfarms’ founders were not prioritizing the best interests of all shareholders. Despite this proposal being rejected by the Bitfarms board, Riot persisted in pursuing their bid. In response, Bitfarms implemented a shareholder rights plan to protect itself from any hostile takeover attempts, showcasing a clash of interests between the two companies.
