Riot Platforms has increased its stake in Bitfarms by purchasing over 10 million shares in July. According to an SEC filing on July 31, Riot now holds 71.56 million Bitfarms shares, valued at $159.1 million, representing a 15.9% stake.
Riot’s acquisition bid of $950 million for Bitfarms was rejected in late May, leading Bitfarms to implement a “poison pill” plan to prevent a hostile takeover. Riot initially owned 11.62% of Bitfarms’ shares during this bid.
This development is significant as it highlights the ongoing battle between the two mining companies. Riot’s shares are currently trading at $10.61 each, showing investor interest. The strategic importance of this acquisition could shape the future landscape of Bitcoin mining.
