Bitfarms appoints Fanny Philip as an independent board member to prevent a takeover by Riot Platforms, which holds a 14.9% stake. Riot withdraws its offer to buy all Bitfarms shares due to board resistance.
Amid the ongoing cold war between two major Bitcoin mining firms, Riot Platforms and Bitfarms, the latter has appointed a new board member to thwart attempts at a"hostile takeover."intention to replace three members
At the same time, Riot had backtracked on its initial plan to acquire all Bitfarms common shares at US$2.30 per share, stating: Following Philip’s appointment, four of the five board members are independent. In contrast, Riot intended to replace the original board members with three people “completely independent of Riot and Bitfarms” — John Delaney, Amy Freedman and Ralph Goehring.
Speaking about the $150 million investment, Laffont said Hut 8 is “well-positioned” to accelerate new compute capacity and “capitalize” on any opportunities that come from it.
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