Bitfarms and Riot Platforms Inc. have resolved their long-standing dispute over Riot’s attempted takeover of Bitfarms, just ahead of Bitfarms’ upcoming Special Meeting of Shareholders. The settlement, announced in a press statement on September 23, aims to clear the path for Riot’s takeover attempt and includes modifications to Bitfarms’ Board structure. As part of the agreement, Amy Freedman has been chosen by the Board of Directors to replace Andres Finkielsztain, who resigned. Riot has also decided to withdraw its previous request and will continue to abstain from voting until the next Bitfarms annual meetings in 2026. Additionally, Riot may purchase up to 15% of Bitfarms’ total shares.
The dispute between the two Bitcoin miners escalated when Riot made an unsolicited $950 million proposal to acquire Bitfarms, followed by an attempt to gain control of the company through share purchases. Bitfarms rejected the offer, criticizing Riot for their lack of engagement. However, the situation has now been resolved, leading to a positive market response. In fact, both companies’ stock prices have risen and are expected to continue surging.
In other cryptocurrency news, Charles Hoskinson, founder of Cardano, expressed surprise at the announcement of a Bitcoin-Cardano bridge, highlighting the ongoing developments and innovations in the crypto world.
