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Riot Platforms Now Owns 18.9% Stake in Bitfarms

August 23, 2024 at 09:05 AM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

Riot Platforms Inc. (NASDAQ: RIOT), in a recent press release, announced that on Aug. 13, 2024, it purchased 1,000,000 shares of Bitfarms. This means it is now the owner of 18.9% (85,293,054 common shares) of Bitfarms’ common shares, up from 18.68% (84,293,054 common shares). The acquisition was made through the NASDAQ Stock Market, with Riot acquiring the shares at an average price of $2.28 per share, amounting to a total investment of $2,280,800.

Following this purchase, Riot Platforms currently owns more than 85.29 million shares of the mining company, becoming its largest shareholder. The news comes only one day after Nicolas Bonta, Bitfarms’ former chairman and cofounder, stepped down as one of the…

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