Big news from the world of Bitcoin mining, as Riot Platforms and Bitfarms have settled their differences, putting an end to Riot’s attempt to take over its rival.
Changes at Bitfarms
So here’s what went down! Bitfarms has made some big changes to its board.
The founder, Andres Finkielsztain is stepping down, and in his place, Amy Freedman, who was suggested by Riot, is joining the board right away.
She brings over 25 years of experience in corporate governance and capital markets, which is pretty impressive!
As part of this settlement, Riot also agreed to withdraw its amended requisition and will stick to some standstill rules until Bitfarms’ annual meeting in 2026, with a few exceptions.
This agreement comes just ahead of a special meeting for Bitfarms shareholders that was supposed to happen on November 6.
While the meeting will still take place virtually, it might be postponed to allow for the nomination of another independent director and a vote on Bitfarms’ shareholder rights plan.
Interestingly, Riot agreed to support this plan. If there’s a delay, they promise the meeting won’t be held later than November 20.
Looking ahead
Ben Gagnon, the CEO of Bitfarms, is happy with this agreement. He says it allows the company to focus on its growth strategy.
Gagnon mentioned plans to diversify beyond just Bitcoin mining, looking into energy generation, energy trading, heat recycling, and even high-performance computing and artificial intelligence. Sounds ambitious!
On the other side, Jason Les, the CEO of Riot, is also pleased with the deal. He sees it as a big step toward creating value for shareholders from both companies.
Les noted that Riot is Bitfarms’ largest shareholder and looks forward to supporting the new board while staying engaged with management.
If you could just keep the sh*tshow behind closed doors, that would be awesome!
Now, let’s talk about the bigger picture here. In business, competition can be great, because it drives innovation and keeps everyone on their toes.
But the drama between these two companies has been more like a soap opera than a professional rivalry.
Investors don’t like that kind of unprofessional behavior, they want to know their money is safe and will grow. Finally, it seems both companies have realized this too. It’s a smart move for them!
If this newfound cooperation leads to real growth strategies and professionalism in their operations, we could see some exciting and profitable developments.
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