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Cryptocurrency News Articles
Bitfarms Expands Board Following Riot Platforms Deal
Sep 24, 2024 at 09:16 pm
There will be a leadership change as part of the settlement, with Finkielsztain's resignation and new board members.
Bitfarms and Riot Platforms have reached a settlement agreement, resolving their earlier corporate conflict. The settlement includes a provision for Andrés Finkielsztain, Bitfarms co-founder, to resign from the board of directors. This move is aimed at enabling both companies to concentrate on their strategic objectives.
Earlier this year, Riot Platforms offered to acquire Bitfarms for $950 million, but the deal encountered some obstacles. Now, the companies have agreed to proceed with the transaction, subject to certain conditions.
Bitfarms has agreed to accept Riot's proposal if specific circumstances are met, including a 15% equity stake in the new company.
Following the settlement, Bitfarms will expand its board of directors. As part of the agreement, Amy Freedman from Ewing Morris will join the Bitfarms board.
Additionally, Bitfarms intends to increase the size of the board from five to six directors through a special shareholder meeting.
To demonstrate support for the new approach, Riot Platforms has agreed to withdraw its June requisition.
This settlement is expected to stabilize both companies after a period of volatility. The reconstitution of the board is seen as a step toward improving governance and strategic fit between the two companies.
After the settlement, Bitfarms plans to shift its focus beyond Bitcoin mining. The company aims to diversify its earnings sources by exploring energy production, energy sales, and waste heat recovery.
Bitfarms also announced its intention to expand into high performance computing (HPC) and artificial intelligence (AI) technologies, further diversifying its operations.
Meanwhile, Riot Platforms, a leading company in the US Bitcoin mining sector, continues to expand.
The acquisition aligns with Riot's goal of becoming the world's largest publicly traded Bitcoin miner. This agreement allows both companies to grow, each with a distinct area of interest within the broader cryptocurrency market.
The stock markets reacted positively to the agreement between Riot Platforms and Bitfarms.
Bitfarms' stock rose 2.21% and was trading at around $2.78 in Monday's early New York session.
Riot Platforms' shares also increased by 1.95%, trading at approximately $7.33 per share.
Both companies have experienced a significant stock market decline this year, despite the mentioned gains.
Bitfarms' market capitalization has decreased by over 29% for the year, and Riot Platforms' stock has declined by more than 50% since the beginning of the year.
The settlement could serve as an opportunity to observe positive changes in both companies' stock performance trends.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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