Riot Platforms Increases Stake In Bitfarms Ltd

According to PANews, Riot Platforms, the third-largest Bitcoin miner on Wall Street, has significantly increased its stake in competitor Bitfarms Ltd. In a regulatory filing on August 13, Riot disclosed its acquisition of an additional 1 million common shares of Bitfarms through open market purchases. This transaction, valued at approximately $2.28 million, raises Riot's total holdings in Bitfarms from 84.3 million shares to 85.3 million shares. With this acquisition, Riot now owns 18.9% of the Canadian mining company, thereby enhancing its influence over Bitfarms. Riot stated that it will continue to review its investment in Bitfarms and may consider further actions, including adjusting its position or proposing changes to the composition of the board.