Bitcoin
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Miner Riot Platforms (Riot) said it sold 1.75 million shares of Rival Bit Farm (BITF) for around $1.58 million as part of its ongoing review of its investment in the company, following a failed purchase bid that has increased its investment in the company to almost 15%.
Shares sold on the Nasdaq and other public markets on June 9th acquired a weighted average price of around $0.90 per share, reducing Riot’s beneficial ownership to 14.3%.
The hostile buyback bid was made public in May 2024, with Riot offering to buy BitFarms for $2.30 per share. Riot bought rival stocks and pressured the board to engage with miners. BitFarms then implemented shareholder rights plans or “poison” to prevent the riot from purchasing the company.
Riot emphasized that he remains committed to assessing his position in BitFarms based on many evolving factors. These include the management of BitFarms, the company’s strategic trajectory, and potential discussions with broader market conditions. Riot said that future holdings could increase or decrease depending on such considerations.
BitFarms stock rose 4% to $0.96 in pre-market trading. Riot rose 0.49% to $10.17.