On June 5, 2024, Riot Platforms, a prominent Bitcoin mining company, announced that it had acquired a 12% stake in Bitfarms Ltd., a rival in the Bitcoin mining sector.

This move comes amidst a turbulent time for Riot, with significant market activity and a contentious report from short seller Kerrisdale Capital.

Riot Platforms disclosed in a press release that it purchased 1,460,278 common shares of Bitfarms at an average price of $2.45 per share, totaling approximately $3.58 million.

This acquisition increased Riot’s ownership from 11.63% to 12% of Bitfarms’ outstanding shares.

According to Riot’s official statement, “Riot currently intends to requisition a…

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