Riot Platforms acquires an additional $2.28 million in Bitfarms shares

ChainCatcher news, according to Cointelegraph, Wall Street's third-largest Bitcoin miner Riot Platforms has significantly increased its stake in competitor Bitfarms Ltd.

In a regulatory filing on August 13, Riot disclosed that it would acquire an additional 1 million shares of Bitfarms common stock through the open market. The transaction is valued at approximately $2.28 million, increasing Riot's total holdings in Bitfarms from 84.3 million shares to 85.3 million shares. With this acquisition, Riot now owns 18.9% of Bitfarms, thereby enhancing its influence over the Canadian mining company. Riot stated that it will continue to review its investment in Bitfarms and may consider taking further actions, including adjusting its position or proposing other changes to the board composition.