New Press Release - Bitfarms Provides August 2024 Productionwow, lots of lies and half truths in this one. let's unpack this a bit.
Bitfarms’ failed off-market poison pill: Had Riot not acted, the Poison Pill would have prejudiced all Bitfarms’ shareholders
- No, it would have prejudiced mostly RIOT. I fail to see why a company cannot take action to protect itself from a hostile and unwarranted take over bid. As a shareholder, I believe it is instead RIOTs outrageous and largely unsubstantiated statements in public news that is prejudicing to Bitfarms shareholders. RIOT, please stop talking as if you represent all shareholders. You only represent 19.9% of shares and THIS shareholder thinks what BITF did was a correct and appropriate defense for an unsollicitated attack on its ownership.
- Uunilateral Board refresh: On June 27, 2024, Bitfarms announced the addition of Fanny Philip to the Bitfarms Board. Bitfarms chose to make this appointment without consulting Riot, its largest shareholder, even though the Bitfarms Board knew that we had proposed a slate of highly qualified director nominees and specifically asked that we be consulted before any board changes were made.
- I don't think there is any requirement to keep RIOT informed as 'the largest shareholder. If RIOT was kept informed solely because it is the largest, but not majority shareholder, that would prejudice all other BITF shareholders because RIOT would have information as a shareholder that other shareholders do no possess. As the BITF board knew of the candidates being proposed and chose other candidates, well qualified I might add, this is nothing more than the BITF board making a decision about what it thinks is best for 100% of BITF shareholders, not just the 20% that RIOT holds. RIOT, present your candidates, and then we'll vote on it, but I assure you as a shareholder, having never done so for any other company, that I will show up at this meeting and vote against anything your propose.
The concerning Stronghold acquisition announcement: Shareholders should seriously question the timing of Bitfarms’ announcement of its agreement to acquire Stronghold, notwithstanding the pending Special Meeting, and the price that it was willing to pay.
- I see why you're concerned RIOT. This will add shares (and value!) to existing shareholders, but for you to maintain your 19.9% ownership, you'll have to spend more money, and more money even if you try to acquire 100% of the shares. BITF has had a plan to increase their hashrate substantially over the next year and this plays right into the strategy that they are trying to execute. Any current investor knows this strategy will cost money and potentially dillution, but if there's a corresponding increase in value, then the money is well spent.
A continued lack of engagement with Riot: We have still seen no change in posture from the Bitfarms Board regarding its willingness to work constructively with Riot to conside
- That is hilarious. You know where else I read the same language, using almost the exact same words. I see it whenever Russia postures about Ukraine's "lack of willingness" to engage in meaningful peace talks (Where of course Russia would try to cement their illegally acquired foothold on internationally recognized Ukrainian land). RIOT must have a very poor opinion of BITF shareholders if it thinks the rest of us are going to think this is a problem and/or not see through the thin veneer of its self-interested propaganda.
our campaign to fix Bitfarms’ broken governance has already resulted in progress towards addressing the founder-led culture that we believe has been harmful to the Bitfarms Board.
- Don't recall anyone asking you to compaign for us. Speaking of broken governance, have you (RIOT) looked at your own governance as rated by the unafffiliated to BITF and independant Institutional Shareholder Services. 0.4 out of 10.. Pot calling the kettle black much? Again with the Russia/Ukraine compare, but whenever Putin and his cronies call the democratically elected leader of Ukraine an illegetimate Nazi, I die laughing at the irony. All to say "Riot's nominees" will definitely not have my vote.
Bitfarms Needs to Halt its Defensive Tactics and Let Shareholders Be Heard
Not just RIOT right? All shareholders, of which I am one, and I think BITF needs to CONTINUE its defensive tactics, and I guess we'll see at the meeting how the vote goes where ALL shareholders stand, not just RIOT, and believe me when I say there's a few of us who are going to show up just to vote against RIOT's attempts to take BITF over. CU at the meeting!
As always, MHO,
B.