Riot Platforms Acquires 10.29% Interest in Bitfarms Ltd.
Riot Platforms Invests in Bitfarms Ltd
Riot Platforms, Inc. has recently made headlines by acquiring a significant stake in Bitfarms Ltd. This strategic move is indicative of Riot's solid position within the cryptocurrency mining sector, reinforcing its commitment to capitalizing on market opportunities.
Understanding the Share Acquisition
Riot announced that it successfully sold 1,784,000 common shares of Bitfarms, which accounts for roughly 0.32% of the company's total issued shares. This transaction took place on the Nasdaq Stock Market and involved rigorous market analysis to determine favorable trading conditions.
The Financial Details
The shares were sold at a weighted average price of approximately US$1.13 each, translating to about C$1.55 when considering the current exchange rates. The sale brought in an aggregate revenue of around US$2,014,314.40 for Riot, showcasing their effective strategy in managing their investments amid fluctuating market dynamics.
Riot's Beneficial Ownership Position
Before this transaction, Riot held 58,991,521 common shares of Bitfarms, equating to a beneficial ownership of approximately 10.61%. Post-transaction, Riot's ownership in Bitfarms stands at 57,207,521 shares, representing around 10.29%. This slight reduction still positions them as a key player in the company.
Investment Strategy & Future Plans
Riot is committed to continuously reviewing its investment in Bitfarms, considering various factors such as financial performance, market conditions, and potential discussions with the company’s Board of Directors. Depending on these evaluations, Riot may decide to increase or decrease its stake in Bitfarms further.
Company Background
Riot Platforms, Inc., known by its ticker symbol RIOT, is dedicated to becoming a premier Bitcoin-driven infrastructure platform. They engage in Bitcoin mining and are integrating strategies to enhance their infrastructure capabilities while fostering community partnerships.
Riot's Corporate Information
The head office is based in Castle Rock, CO, a location that epitomizes their innovative approach to the industry. With ongoing operations in areas noted for Bitcoin mining, Riot is focusing on diversifying and maximizing their operational efficiency.
Contact Riot Platforms
For further inquiries regarding Riot or to obtain additional information concerning their investment strategy, you may contact Phil McPherson, Vice President of Capital Markets & Investor Relations, at (303) 794-2000 ext. 110.
Frequently Asked Questions
What percentage of Bitfarms does Riot currently own?
Riot Platforms currently owns approximately 10.29% of Bitfarms Ltd.
What does the acquisition of Bitfarms signify for Riot?
This acquisition reflects Riot's strategic interests in expanding its portfolio within the cryptocurrency mining industry.
At what price did Riot sell the Bitfarms shares?
The shares were sold at a weighted average price of about US$1.13 each.
Who can I contact for more information about Riot's investment strategies?
Contact Phil McPherson, the VP of Capital Markets & Investor Relations, at (303) 794-2000 ext. 110.
What is the mission of Riot Platforms?
Riot’s mission is to become a leading entity in the Bitcoin infrastructure sector while positively impacting the communities they operate within.
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