Riot Platforms has increased its stake in rival platform to 18.9%, continuing its push for board changes.
The move follows Bitfarms' rejection of Riot's earlier acquisition offer.
Riot
Platforms Inc. (NASDAQ: RIOT), the third biggest Bitcoin (BTC) miner on Wall
Street, has increased its ownership stake in rival Bitfarms Ltd (NASDAQ: BITF)
to 18.9%, further intensifying its efforts to reshape the Canadian miner's
board of directors.
Riot Platforms Boosts
Stake in Bitfarms, Continues Push for Board Changes
In a
regulatory filing on Tuesday, Riot disclosed the acquisition of an additional 1
million Bitfarms common shares through open market purchases. The transaction,
valued at approximately $2.28 million, brings Riot's total holdings to 85.3
million shares, up from the previous 84.3 million.
The move
comes amid ongoing tensions between the two cryptocurrency mining firms. In
April, Riot made an unsolicited $950 million offer to acquire Bitfarms,
which was promptly rejected as undervaluing the company. Bitfarms subsequently
adopted a “poison pill” defense to ward off potential hostile
takeover attempts.
While Riot
withdrew its initial acquisition proposal, the company has maintained pressure
on Bitfarms' leadership. In June, Riot requisitioned a special shareholder
meeting, seeking to remove certain Bitfarms directors and replace them with
independent candidates.
The
boardroom battle appears to be yielding results. Earlier on Tuesday, Bitfarms
announced the immediate departure of co-founder and chair Nicolas Bonta, one of
the three board members Riot had targeted for replacement.
In the
meantime, the company appointed Liam Wilson as Chief Operating Officer, and
early last month promoted Ben Gagnon to the position of President. Previously,
he held various roles including Chief Mining Officer and Director of Business
Development.
“Founding Bitfarms and overseeing the Company’s growth has been the highlight of my professional career. Now is the right time for me to step down and for Ben to join the Board,” Bonta remarked.
Riot
indicated it would continue to review its investment in Bitfarms and may
consider further actions, including adjusting its position or proposing
additional changes to the board composition.
Riot Boosts BTC Production
Meanwhile, the company achieved
success in acquisitions elsewhere. At the end of July, Riot completed the
purchase of Kentucky-based Block Mining for $92.5 million. This acquisition
significantly increases Riot’s hash rate and broadens its geographical presence,
extending beyond Texas into new energy markets.
The transaction, finalized on
July 23, included an $18.5 million cash payment and $74 million in Riot common
stock. Additionally, there is a potential earn-out of up to $32.5 million
available until 2025, dependent on Block Mining securing further power purchase
agreements.
This month, Riot also released
information about its Bitcoin production for July. The company reported a 45%
increase in mining output, producing 370 BTC. This figure is up significantly
from the 255 BTC mined in June, despite a sharp decline in Bitcoin prices at
that time. Although this represents a 10% decrease compared to July of the
previous year, which saw 410 BTC mined, the earnings from the Bitcoins mined
last month are projected to be substantially higher when considering the
average prices during these periods.
Riot
Platforms Inc. (NASDAQ: RIOT), the third biggest Bitcoin (BTC) miner on Wall
Street, has increased its ownership stake in rival Bitfarms Ltd (NASDAQ: BITF)
to 18.9%, further intensifying its efforts to reshape the Canadian miner's
board of directors.
Riot Platforms Boosts
Stake in Bitfarms, Continues Push for Board Changes
In a
regulatory filing on Tuesday, Riot disclosed the acquisition of an additional 1
million Bitfarms common shares through open market purchases. The transaction,
valued at approximately $2.28 million, brings Riot's total holdings to 85.3
million shares, up from the previous 84.3 million.
The move
comes amid ongoing tensions between the two cryptocurrency mining firms. In
April, Riot made an unsolicited $950 million offer to acquire Bitfarms,
which was promptly rejected as undervaluing the company. Bitfarms subsequently
adopted a “poison pill” defense to ward off potential hostile
takeover attempts.
While Riot
withdrew its initial acquisition proposal, the company has maintained pressure
on Bitfarms' leadership. In June, Riot requisitioned a special shareholder
meeting, seeking to remove certain Bitfarms directors and replace them with
independent candidates.
The
boardroom battle appears to be yielding results. Earlier on Tuesday, Bitfarms
announced the immediate departure of co-founder and chair Nicolas Bonta, one of
the three board members Riot had targeted for replacement.
In the
meantime, the company appointed Liam Wilson as Chief Operating Officer, and
early last month promoted Ben Gagnon to the position of President. Previously,
he held various roles including Chief Mining Officer and Director of Business
Development.
“Founding Bitfarms and overseeing the Company’s growth has been the highlight of my professional career. Now is the right time for me to step down and for Ben to join the Board,” Bonta remarked.
Riot
indicated it would continue to review its investment in Bitfarms and may
consider further actions, including adjusting its position or proposing
additional changes to the board composition.
Riot Boosts BTC Production
Meanwhile, the company achieved
success in acquisitions elsewhere. At the end of July, Riot completed the
purchase of Kentucky-based Block Mining for $92.5 million. This acquisition
significantly increases Riot’s hash rate and broadens its geographical presence,
extending beyond Texas into new energy markets.
The transaction, finalized on
July 23, included an $18.5 million cash payment and $74 million in Riot common
stock. Additionally, there is a potential earn-out of up to $32.5 million
available until 2025, dependent on Block Mining securing further power purchase
agreements.
This month, Riot also released
information about its Bitcoin production for July. The company reported a 45%
increase in mining output, producing 370 BTC. This figure is up significantly
from the 255 BTC mined in June, despite a sharp decline in Bitcoin prices at
that time. Although this represents a 10% decrease compared to July of the
previous year, which saw 410 BTC mined, the earnings from the Bitcoins mined
last month are projected to be substantially higher when considering the
average prices during these periods.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Celsius’ Ex-CEO Seeks Testimony of Former Top Staff in Criminal Trial
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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