Bitcoin
Miner Riot Platforms (Riot) said it sold 1.75 million shares of rival Bitfarm’s (BITF) for about $ 1.58 million as part of a continued review of its investment in the company following an unsuccessful acquisition bid that saw its share in the company rise to almost 15%.
The shares sold on June 9 over Nasdaq and other open markets picked up a weighted average price of about $ 0.90 per day. Share and reduced Riot’s advantageous ownership of 14.3%, says the company.
The hostile acquisition bid was public in May 2024, when Riot offers to buy BitFarms for $ 2.30 per year. Stock, an approach that was quickly rejected and left the following month. Riot continued to buy his rivals’ shares to exert pressure on the board to engage in the miner. BitFarms subsequently implemented a shareholder rights plan or “poison pill” to deter the rebellion from buying the business.
Riot emphasized that it remains obliged to evaluate its position in bitfarms based on a number of evolving factors. These include potential discussions with Bitfarms’ management, the company’s strategic track and wider market conditions. Riot said it can increase or reduce its holdings in the future depending on such considerations.
BitFarms share rose 4% in trading before the market to $ 0.96. Riot rose 0.49% to $ 10.17.
