Bitcoin mining company Riot sells 6.5 million Bitfarms shares, reducing its stake to 13.4%

Odaily News Bitcoin miner Riot Platforms has continued to sell its stake in rival Bitfarms since June 7, selling an additional 6.5 million shares for total proceeds of $5.67 million. The latest batch of shares sold at an average price of $0.85 per share, according to a disclosure with the U.S. Securities and Exchange Commission (SEC). The sale follows a round of liquidations between May 27 and June 6, during which Riot sold 8.85 million shares at an average price of $0.97 per share. Since the end of May, the company has sold a total of 15.36 million Bitfarms shares, earning approximately $14.2 million. Despite the continued reduction, Riot remains one of Bitfarms' largest shareholders. As of June 20, it still held 13.4% of the company's outstanding shares, down from more than 14% before the latest sale.