Riot Platforms has acquired over 10 million additional shares of Bitfarms this month, increasing its stake to 15.9%. This brings the total ownership to 71.56 million shares, valued at $159.1 million.
Riot purchased the shares between $2.48 and $2.84 each, with its stock currently trading at $10.61 per share. The move follows a $950 million acquisition bid for Bitfarms in May, which was rejected.
Bitfarms defended against the bid by implementing a shareholder rights plan, or “poison pill,” to protect its interests. Riot’s growing stake underscores its strategic long-term investment in Bitfarms.
