- Global Bitcoin miner Riot Platforms (NDAQ:RIOT) announced it had increased its stake in Canadian rival Bitfarms (TSX:BITF) to 18.9 per cent.
- Riot had acquired ownership of 1 million common shares of the company, representing approximately 0.22 per cent of its issued and outstanding common shares
- The shares were acquired on the Nasdaq Stock Market and other open market trades for C$3,129,942.84
- Riot Platforms Inc. opened trading at C$10.89 per share and Bitfarms Ltd. opened trading at C$3.17 per share
Global Bitcoin miner Riot Platforms (NDAQ:RIOT) announced it had increased its stake in Canadian rival Bitfarms (TSX:BITF) to 18.9 per cent.
In a media release Wednesday, Riot’s team stated it had acquired ownership of 1 million common shares of the company, representing approximately 0.22 per cent of its issued and outstanding common shares.
The shares were acquired through purchases on the Nasdaq Stock Market and other open market trades for a weighted average price of US$2.28 per share (equivalent to C$3.13 per share) for an aggregate amount equal to US$2,280,800.00 (equivalent to C$3,129,942.84).
Before the acquisition, Riot owned 84,293,054 shares, representing 18.68 per cent of the issued and outstanding shares. After completion of the acquisition, Riot owned 85,293,054 shares.
This follows recent drama between the two Bitcoin companies where last month, Ontario Capital Markets Tribunal terminated Bitfarms’ “Poison Pill” move to prevent Riot from having a controlling stake.
Riot intends to review its investment in the company on a continuing basis and stated it may increase or decrease its position at any time.
Riot Platforms Inc. is a Bitcoin mining and digital infrastructure company with operations in central Texas and electrical switchgear engineering and fabrication operations in Denver, Colorado.
Bitfarms Ltd., established in 2017, is a global Bitcoin mining company that operates 12 facilities across Canada, the United States, Paraguay and Argentina.
Riot Platforms Inc. (NDAQ:RIOT) opened trading more than 0.75 per cent lower at C$10.89 per share and Bitfarms Ltd. (TSX:BITF) opened trading more than 1 per cent higher at C$3.17 per share.
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(Top photo: Bitfarms Ltd.)