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|---|---|
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Category: CRYPTO NEWS
The post Riot Platforms Sells $1.58M In Bitfarms Shares appeared on BitcoinEthereumNews.com. In the ever-evolving world of cryptocurrency mining, strategic maneuvers by major players often signal shifts in focus or capital allocation. A recent announcement from Riot Platforms has caught the attention of the market: the company has offloaded a significant portion of its holdings in fellow Bitcoin Mining firm, Bitfarms. This move, involving the sale of 1.75 million Bitfarms shares valued at approximately $1.58 million, reduces Riot’s stake and potentially reshapes the competitive landscape. Understanding the Riot Platforms Sale Riot Platforms (NASDAQ: RIOT), a prominent player in the North American Bitcoin mining sector, disclosed the sale of 1.75 million shares of its competitor, Bitfarms (NASDAQ: BITF). This transaction was reported by CoinDesk and represents a notable divestment. Here are the key details of the sale: Shares Sold: 1,750,000 Bitfarms shares Estimated Value: Approximately $1.58 million Previous Stake: Not explicitly stated in the snippet, but context implies it was higher than the resulting stake. Resulting Stake: Riot’s ownership in Bitfarms is now reduced to 14.3%. This sale comes after a period of heightened interaction between the two companies, stemming from Riot’s earlier attempts to acquire Bitfarms. A Look Back: The Riot-Bitfarms Saga It’s impossible to discuss Riot’s sale of Bitfarms shares without acknowledging the recent history between the two entities. For a period, Riot Platforms pursued an acquisition of Bitfarms, aiming to create a mining giant. This pursuit led to considerable tension and a public management dispute between the two companies. Key points from that period include: Riot’s unsolicited acquisition proposal. Bitfarms’ resistance to the takeover bid. Public exchanges and disagreements over company valuation and strategy. The eventual settlement of the management dispute in September of the previous year. The settlement seemingly cooled the acquisition ambitions, and this recent sale indicates a further step away from deep entanglement between the two, at…
2025-06-11T03:34:10+00:00