- Since April, Riot Platforms has been gradually accumulating Bitfarms shares.
- Currently, Riot has 85.29 million shares, or around 18.9% of all issued and outstanding common stock.
One of the biggest bitcoin miners in the United States, Riot Platforms, has increased its bid to acquire Bitfarms by acquiring an extra million shares of the business.
Riot is currently Bitfarms’ largest stakeholder with over 85.29 million shares, or roughly 18.9% of the company’s outstanding common shares, following the most recent acquisition. Just one day had passed since Bitfarms co-founder and former chairman Nicolas Bonta announced his resignation from the board of directors.
To replace Bonta, among other people, Riot nominated three independent directors to the Bitfarms board in July. Bitfarms called a special meeting of its shareholders on October 29 to vote on reconstituting its board of directors in response to Riot Platforms’ request for a meeting on June 24.
Last week, Bitfarms reported a net loss of $27 million, or a loss of 7 cents per basic and diluted share. According to its most recent quarterly report, Riot recorded a net loss of $84.4 million for the second quarter, as opposed to a net loss of $27.4 million during the same time previous year.
July witnessed a 45% increase in bitcoin production at Riot and a 34% increase at Bitfarms during the M&A struggle.
While Bitfarms (ticker: BITF) has lost 21% of its value year to date, Riot’s stock (ticker: RIOT) has lost 50%.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
