Cryptocurrencies
Crypto Miner Truce Leaves Open the Possibility of Riot Taking Over Bitfarms
- Bitcoin miner Riot and Bitfarms reached a settlement on Monday
- Riot has increased ownership to nearly 20% of Bitfarms
A technician walks near cryptocurrency mining rigs at the Bitfarms Bunker facility in Sherbrooke, Quebec, Canada, on Sept. 9.
Photographer: Graham Hughes/BloombergThis article is for subscribers only.
While Bitcoin miner Bitfarms Ltd. has brokered a truce with Riot Platforms Inc. over a months-long takeover fight, the agreement still leaves open the possibility for an acquisition.
Under an pact unveiled Monday, Bitfarms’ Andrés Finkielsztain has stepped down from its board and been replaced by a Riot-backed nominee. Riot agreed that, during the term of the agreement, it will not acquire over 20% or more of the company without the approval of the board, “other than for the sole purpose of or in connection with making a take-over bid,” according to a filing with the Canadian government.