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Riot vs Bitfarms: Governance and Strategy Issues Ahead of Special Meeting

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by A1

2 months ago


  1. Riot's Concerns Over Bitfarms' Governance Changes
  2. Bitfarms' Response to Riot's Claims
  3. Upcoming Special Meeting and Stance of Parties

  4. Riot's leadership has expressed concerns over Bitfarms' governance changes and proposed acquisition. Meanwhile, Bitfarms accuses Riot of spreading misinformation and defends their actions.

    Riot's Concerns Over Bitfarms' Governance Changes

    Riot's leadership, including Executive Chairman Benjamin Yi and CEO Jason Les, voiced concerns about Bitfarms' recent governance changes and the proposed acquisition of Stronghold Digital. Riot criticized Bitfarms' board reorganization as insufficient to address governance issues and insists on independent directors to act in the best interest of all shareholders.

    Bitfarms' Response to Riot's Claims

    Bitfarms accused Riot of spreading misinformation, claiming the special meeting is not about corporate governance but rather Riot’s attempt to acquire Bitfarms at a discount. Bitfarms defended its board changes and the proposed acquisition of Stronghold, which would significantly increase the company's capacity by 2025.

    Upcoming Special Meeting and Stance of Parties

    Both parties are preparing for the special shareholders' meeting scheduled for October 29. Riot continues to increase its stake in Bitfarms, aiming to sway shareholders to its side. Meanwhile, Bitfarms stands by its actions and reforms, hoping for shareholder support.

    The outcome of the upcoming special meeting will have significant implications for both companies and their shareholders. Both sides continue to vie for control, aiming to convince shareholders of their stance.

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