Riot Platforms Sells 1.75 Million Bitfarms Shares for $1.58 Million
Riot Platforms (RIOT) sold 1.75 million shares of Bitfarms (BITF) for approximately $1.58 million, reducing its ownership stake to 14.3%. This sale is part of Riot's review of its investment following an unsuccessful takeover bid.
- The shares were sold on June 9 at a weighted average price of $0.90 per share.
- Riot's hostile takeover bid in May 2024 offered $2.30 per share but was rejected by Bitfarms.
- Bitfarms implemented a "poison pill" strategy to prevent further acquisition attempts by Riot.
- Riot plans to assess its position based on ongoing discussions with Bitfarms and market conditions.
- Bitfarms stock increased by 4% to $0.96 in pre-market trading; Riot rose 0.49% to $10.17.