Bitcoin

Block

Riot Platforms has increased its acquisition efforts of Bitfarms by buying over 10 million more shares this month. 
According to a <a href="https://www.sec.gov/Archives/edgar/data/1167419/000110465924084145/tm2415618d22_sc13da.htm" target="_blank" rel="">filing</a> with the US Securities and Exchange Commission on July 31, <a href="https://crypto.news/tag/riot-blockchain/" data-type="link" data-id="https://crypto.news/tag/riot-blockchain/" target="_blank" rel="noreferrer noopener">Riot</a>, a Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noreferrer noopener">BTC</a>) mining company, now owns 71.56 million Bitfarms shares, valued at $159.1 million. 
This means Riot now holds a 15.9% stake in <a href="https://crypto.news/tag/bitfarms/" target="_blank" data-type="link" data-id="https://crypto.news/tag/bitfarms/" rel="noreferrer noopener">Bitfarms</a>. According to the SEC filing, Riot purchased Bitfarms shares throughout the month of July, ranging from $2.48 to $2.84 per share. 
Riot has an earnings call after trading hours on July 31. Its stock is currently trading at $10.61 per share.&nbsp; 
 You might also like: <a href="https://crypto.news/analyst-riot-acquisition-price-of-block-mining-is-justified-improves-its-hash-rate/"> Analyst: Riot acquisition price of Block Mining is ‘justified,’ improves its hash rate </a> 
<h2 class="wp-block-heading" id="the-battle-between-riot-and-bitfarms">The battle between Riot and Bitfarms</h2> 
Riot <a href="https://crypto.news/bitfarms-founders-may-not-be-acting-in-best-interests-of-shareholders/" target="_blank" rel="noreferrer noopener">announced</a> a $950 million acquisition bid for Bitfarms in late May, claiming that Bitfarms’ founders were not acting in the best interests of all shareholders. They stated that their proposal was rejected by the Bitfarms board without substantive engagement. 
Bitfarms <a href="https://crypto.news/bitcoin-miner-riot-platforms-acquires-12-stake-in-bitfarms/" target="_blank" rel="noreferrer noopener">responded</a> by stating that Riot’s offer “significantly undervalues” its growth prospects.&nbsp; 
Bitfarms then <a href="https://crypto.news/bitfarms-adopts-poison-pill-amid-riot-platforms-takeover-attempt/" target="_blank" rel="noreferrer noopener">implemented</a> a shareholder rights plan, often called a “poison pill,” to protect its strategic review process from hostile takeover attempts by Riot Platforms. 
Riot owned 11.62% of Bitfarms’ shares at the time of the acquisition bid, Bitfarms’ board unanimously supported the poison pill plan to ensure their shareholders’ interests are safeguarded. 
 You might also like: <a href="https://crypto.news/bitfarms-appoints-ben-gagnon-as-ceo-following-takeover-fiasco/"> Bitfarms appoints Ben Gagnon as CEO following takeover fiasco </a>

Riot buys 10.23m more Bitfarms shares in July, increasing stake to 15.9%

Table of Contents

crypto.news

Andre artikler udgivet 31. jul. 2024

BlockDAG’s X1 Miner App Ignites $62.5M Presale Fire: Will Bitcoin And LTC Hype Stack Up?

Celestia’s New Rival Launches in Mainnet: What is Avail DA?

Bitcoin’s Surge Boosts Hashrate and Cuts Selling Pressure

Ripple CEO Condemns US SEC For Withdrawal From The Binance Lawsuit, Here’s Why

NiceHash to Showcase Maribor as Crypto Hub with First Bitcoin-Focused Conference

Understanding Polygon's Recent Drop and Insights into the Best Crypto Coin Presale

Join our free newsletter for daily crypto updates!