Bitfarms and Riot Platforms Inc., two prominent players in the Bitcoin mining industry, have reached a settlement agreement, putting an end to their months-long dispute over Riot’s attempted takeover of Bitfarms. This development comes just before Bitfarms’ upcoming Special Meeting of Shareholders on November 6th. It is expected that both companies’ stock prices, which have been struggling, will see a significant boost.
In a joint press statement released on September 23rd, Riot Platforms Inc. and Bitfarms announced their mutual settlement, right before Riot’s scheduled shareholders meeting in November. The purpose of this deal is to clear the path for Riot Platforms’ persistent takeover attempt. The adjustments made to Bitfarms’ Board structure, as outlined in the agreement, are seen as a significant step towards the future.
According to the announcement, Amy Freedman has been selected by the company’s Board of Directors to replace Andres Finkielsztain and will serve on other committees as well. Riot has decided to retract its previously filed request and continue with the halt, in light of Bitfarms’ upcoming 2026 annual meetings. Additionally, Riot has the option to purchase stock in Bitfarms, as long as its ownership remains below 15% of the total shares.
The hostile takeover attempt led to a heated exchange between the two Bitcoin miners. Riot made an unsolicited offer of $950 million to acquire Bitfarms and attempted to gain control by purchasing its shares. However, Bitfarms rejected the proposal, criticizing Riot for their lack of engagement.
Furthermore, it has been reported that Bitfarms has moved forward with the acquisition of Stronghold Digital Mining for $164 million. This, along with the positive market sentiment, has contributed to the rise in both companies’ stock values.
In other news, Charles Hoskinson, a prominent figure in the cryptocurrency industry, expressed surprise over the Bitcoin-Cardano bridge, emphasizing the significance of this development.
Overall, the settlement between Bitfarms and Riot Platforms Inc. marks a turning point in their dispute and is expected to have a positive impact on their respective stock prices.
