Bitcoin
Miner Riot Platforms (Riot) said that he had sold 1.75 million actions from Rival Bitfarms (BitF) for around 1.58 million dollars as part of a continuous examination of his investment in the company following an unsuccessful takeover offer that saw his participation in the company reach almost 15%.
The shares, sold on June 9 on the NASDAQ and other open markets, obtained a weighted average price of around $ 0.90 per share and reduces the beneficial property of RIOT to 14.3%, said the company.
The hostile takeover offer became public in May 2024, with a riot offering to buy Bitfarms for $ 2.30 per share, an approach that was quickly rejected and abandoned the following month. Riot continued to buy the actions of his rival to put pressure on the board of directors to engage with the minor. Bitfarms subsequently implemented a shareholder rights plan or a “poisoned pill” to dissuade the riot from buying the company.
Riot stressed that he remains determined to assess his position in Bitfarms according to a number of evolving factors. These include potential discussions with the management of Bitfarms, the strategic trajectory of the company and wider market conditions. Riot said he could increase or decrease his assets in the future according to these considerations.
Bitfarms actions increased 4% in pre-commercialization to $ 0.96. The riot increased by 0.49% to $ 10.17.
