Bitcoin
Miner Riot Platforms (Riot) said he sold 1.75 million shares of rival Bitfams (BITF) for approximately $ 1.58 million as part of a continuous review of his investment in the company after a failed acquisition offer that saw his participation in the company to almost 15%.
The shares, sold on June 9 by the Nasdaq and other open markets, obtained an average weighted price of approximately $ 0.90 per share and reduced the beneficial property of Riot to 14.3%, said the company.
The hostile acquisition offer was made public in May 2024, with Riot offering buy bitfarms for $ 2.30 per share, an approach that was quickly rejected and abandoned the following month. Riot continue to buy his rival’s actions to put pressure on the Board to relate to the miner. Subsequently, the celebrities of Bits implemented a shareholders’ rights plan or “poisonous pill” to deter Riot from buying the company.
Riot emphasized that he is still committed to evaluating his position in the echoed bits based on a series of evolving factors. These include possible discussions with the Bitfarms management, the strategic trajectory of the company and the broader market conditions. Riot said that he can increase or decrease his holdings in the future depending on such considerations.
Bit Farm shares rose 4% in the market prior to the market at $ 0.96. Riot rose 0.49% to $ 10.17.
