Riot's investment ratio in Bitcoin Farm has decreased to 14.3%.
The stock was sold for about 0.90 Dollar per share, totaling 1.58 million Dollar.
Riot Platforms, a Bitcoin (BTC) miner, announced that it has sold 1.75 million shares of its competitor Bitfarms for approximately $1.58 million (about 229.1 million yen, based on an exchange rate of 145 yen to the dollar). This comes as the company's shareholding rate has increased to nearly 15%, following the failure of an acquisition proposal, and is part of a review of the company's investments.
On June 9, the shares sold in the public market, including Nasdaq, were traded at a weighted average price of approximately $0.90 per share, and Riot's ownership stake decreased to 14.3%.
The hostile takeover offer was made public in May 2024, when Riot made an offer to buy shares in Bitfarm for $2.30 per share, but the offer was immediately rejected and withdrawn the following month. Riot subsequently bought more shares in Bitfarm and pressured the board to negotiate. Bitfarm subsequently introduced the so-called "poison pill" to prevent Riot from taking over.
Riot emphasized that it will continue to evaluate its holdings of Bitfarm shares based on multiple changing factors. These factors include discussions with Bitfarm's management, the company's strategic direction, and broader market conditions. Riot had said it would consider these factors and increase or decrease its holdings in the future.
The stock price of Bitfarms rose by 4% in the morning session to reach 0.96 Dollar. Riot increased by 0.49% to 10.17 Dollar.
|Translation: CoinDesk JAPAN
| Edited by: Toshihiko Inoue
| Image: Shutterstock
|Original: Riot Sells $1.58M of Bitfarms Shares as Part of Investment Review
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Bitcoin miner Riot sells $1.58 million worth of Bitfarms shares as part of investment review | CoinDesk JAPAN
Riot Platforms, a Bitcoin (BTC) miner, announced that it has sold 1.75 million shares of its competitor Bitfarms for approximately $1.58 million (about 229.1 million yen, based on an exchange rate of 145 yen to the dollar). This comes as the company's shareholding rate has increased to nearly 15%, following the failure of an acquisition proposal, and is part of a review of the company's investments.
On June 9, the shares sold in the public market, including Nasdaq, were traded at a weighted average price of approximately $0.90 per share, and Riot's ownership stake decreased to 14.3%.
The hostile takeover offer was made public in May 2024, when Riot made an offer to buy shares in Bitfarm for $2.30 per share, but the offer was immediately rejected and withdrawn the following month. Riot subsequently bought more shares in Bitfarm and pressured the board to negotiate. Bitfarm subsequently introduced the so-called "poison pill" to prevent Riot from taking over.
Riot emphasized that it will continue to evaluate its holdings of Bitfarm shares based on multiple changing factors. These factors include discussions with Bitfarm's management, the company's strategic direction, and broader market conditions. Riot had said it would consider these factors and increase or decrease its holdings in the future.
The stock price of Bitfarms rose by 4% in the morning session to reach 0.96 Dollar. Riot increased by 0.49% to 10.17 Dollar.
|Translation: CoinDesk JAPAN | Edited by: Toshihiko Inoue | Image: Shutterstock |Original: Riot Sells $1.58M of Bitfarms Shares as Part of Investment Review