Riot's stake in rival Bitfarms approaches 16%

Odaily News Bitcoin miner Riot Platforms stepped up its acquisition strategy against rival Bitfarms this month by purchasing approximately 10 million additional shares, according to a July 31 filing with the U.S. Securities and Exchange Commission (SEC). Riot currently holds 71.56 million of all outstanding shares of Bitfarms, valued at $159.1 million, or a 15.9% stake in the Canadian miner. The acquisition came shortly after the Ontario Capital Markets Tribunal ruled that Bitfarms' initial shareholder rights plan was invalid, which provided for the dilution of outstanding shares if any entity acquired more than 15% of the company's shares. However, with the plan canceled and Bitfarms raising its equity dilution threshold from 15% to 20%, Riot took the opportunity to buy more shares of its competitor. (cryptoslate)