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![](https://cryptocrunchapp.com/wp-content/uploads/2024/06/Riot-Platforms-1.jpg)
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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