Crypto Biz: Riot increases Bitfarms stake in takeover strategy
This week’s Crypto Biz examines Bitdeer’s earnings boost, Hamster Kombat’s rejection of venture capital offers, Grayscale’s new crypto fund and a Solana exchange-traded fund in Brazil.
The ongoing dispute between Bitcoin mining giants Riot Platforms and Bitfarms has taken a significant turn in recent days. On Aug. 13, Riot Platforms announced the acquisition of an additional one million Bitfarms common shares through open market purchases.
The acquisition increased Riot’s holdings to 85.3 million shares, up from 84.3 million, and was valued at approximately $2.28 million. As a result, Riot now holds an 18.9% stake in the Canadian firm.
The acquisition is part of Riot’s broader strategy to influence changes within Bitfarms, including the push for more independent members on the Bitfarms board. Just a day before Riot’s announcement, Bitfarms revealed a significant overhaul of its board of directors, which now comprises four independent members out of five total directors. Nicolas Bonta, who served as interim president and CEO of Bitfarms, has stepped down from the board.
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Author: Ana Paula Pereira
