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%

İçindekiler

crypto.news

31 Tem 2024 tarihli diğer yazılar

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

Coinbase Demands SEC Release Gary Gensler’s Private Emails in New Court Motion

Shiba Inu's Added Utility Has PEPE Enthusiasts Seeking Development as GambleFi Utility King RollB...

BTC Price Analysis: Selling Pressure Resumes Post-Fed Rate Decision

Turn Your Crypto Wallet From Bronze To Gold With These 3000x Tokens Brett & Mpeppe (MPEPE)

How is Compound Price Moving Up?

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!