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Riot Sells $1.58M of Bitfarms Shares as Part of Investment Review
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James Van Straten
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By James Van Straten, AI Boost|Edited by Sheldon Reback
Jun 10, 2025, 8:55 a.m.
- Riot’s stake in Bitfarms drops to 14.3%.
- Transaction valued at $1.58 million, shares sold at about $0.90 each
Bitcoin
miner Riot Platforms (RIOT) said it sold 1.75 million shares of rival Bitfarms (BITF) for about $1.58 million as part of a continuing review of its investment in the company following anunsuccessful takeover bidthat saw its stake in the company rise to almost 15%.
The shares, sold on June 9 over the Nasdaq and other open markets, fetched a weighted average price of about $0.90 per share and reduced Riot’s beneficial ownership to 14.3%, the company said.
STORY CONTINUES BELOW
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The hostile takeover bid became public in May 2024, with Riot offering to buy Bitfarms for $2.30 per share, an approach that was swiftly rejected and abandoned the following month. Riot continued to buy its rival’s shares to exert pressure on the board to engage with the miner. Bitfarms subsequently implemented a shareholder rights plan or “poison pill” to deter Riot from buying the company.
Riot emphasized that it remains committed to evaluating its position in Bitfarms based on a number of evolving factors. These include potential discussions with Bitfarms’ management, the company’s strategic trajectory, and broader market conditions. Riot said it may increase or decrease its holdings in the future depending on such considerations.
Bitfarms stock rose 4% in pre-market trading to $0.96. Riot rose 0.49% to $10.17.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
