According to Odaily, Riot Platforms, a Bitcoin mining company, announced on Wednesday that it has acquired an additional 12% stake in its competitor, Bitfarms Ltd. The purchase involved approximately 1.5 million shares of Bitfarms stock, with each share priced at around $2.45. Prior to this acquisition, Riot already beneficially owned approximately 11.63% of Bitfarms' shares.
Riot has expressed plans to call for a special shareholders meeting to increase the number of independent directors on Bitfarms' board. The reason given for this move is concerns over the governance of the company. This acquisition further strengthens Riot's position in the Bitcoin mining industry and indicates a strategic move towards greater influence over Bitfarms' operations.
