Riot Platforms Calls for Further Reforms at Bitfarms

As an experienced analyst with a keen eye for corporate dynamics, I find myself intrigued by this unfolding saga between Riot Platforms and Bitfarms. Having navigated through numerous corporate power struggles in my career, I can’t help but see parallels to a high-stakes chess game, where each move is calculated with strategic precision.


Riot Platforms, owning approximately 19.9% of Bitfarms, has publicly called for further modifications within Bitfarms’ board of directors.

As a crypto investor, I recently came across a piece of news where Riot Platforms extended an open invitation to Bitfarms’ shareholders, urging them to consider electing two fresh, independent directors during the upcoming shareholders meeting slated for October 29th. This move is intended to bring about change and foster better decision-making processes within the company.

Riot Platforms Calls for Further Reforms at Bitfarms

Following the recent shake-ups within the board at Bitfarms, with the departure of co-founders Emiliano Grodzki and Nicolas Bonta, I find these changes insufficient and more of a reactive measure rather than a proactive step towards growth. As an investor in this space, I’m eager to see more strategic moves that will secure Bitfarms’ position as a leader in the crypto industry.

Amy Freedman and John Delaney are planning to take over the positions currently held by Andres Finkielsztain and Fanny Philip as independent directors.

During their discussions, Riot Platforms showed apprehension about any actions Bitfarms might take which could solidify the incumbent board’s power prior to the crucial October gathering.

Riot underscores the significance of shareholders’ opinions and is against any decisions by the board that could potentially harm investors’ interests or distort the fairness of the forthcoming director votes.

Furthermore, Riot advises Bitfarms to avoid unnecessary dilution of shareholder value through financial transactions, pointing out that there are more favorable financing opportunities available instead.

If these actions continue, Riot cautions, the current board members may face individual responsibility should their decisions negatively impact shareholders’ interests.

The recent appointment of CEO Ben Gagnon to the board, amid attempts by Riot to alter the company’s leadership, marks another significant development. This move, according to a Bitfarms spokesperson, aligns with standard practices for public companies. 

Yet, this shift in management could lead to queries regarding the distribution of power and the probable trajectory of Bitfarms under its new team and possibly restructured board.

Read More

Sorry. No data so far.

2024-09-03 18:37