Riot Platforms has revealed a new strategy to advance its acquisition of Bitfarms by launching a dedicated website, www.ABetterBitfarms.com, aimed at rallying shareholder support for a board overhaul at Bitfarms. Riot, a major Bitcoin miner, accuses the current Bitfarms board of hindering value creation and stalling merger discussions. The site outlines governance failures at Bitfarms and presents Riot’s plan to reconstitute the board with three nominated independent directors: John Delaney, Amy Freedman, and Ralph Goehring. Riot’s strategy pivots from a withdrawn $2.30 per share bid to a push for board influence, believing new leadership is necessary for unlocking shareholder value and fostering productive merger talks. The move follows a prior rejected $950 million acquisition offer and comes with Riot’s investment trust holding a 15% stake in Bitfarms. Riot has called for a special shareholders meeting to vote on the removal of current leadership and the appointment of new directors, highlighting its frustration with the existing governance at Bitfarms.

Cryptocurrency Mining, Corporate Governance, Mergers and Acquisitions (M&A),United States, Canada

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