At Extreme Investor Network, we pride ourselves on providing our readers with exclusive, in-depth insights into the world of Crypto, cryptocurrency, blockchain, and more. Today, we bring you a unique perspective on the recent developments involving Bitfarms Ltd. (Nasdaq/TSX: BITF) and Riot Platforms, Inc. (Nasdaq: RIOT) in the cryptocurrency mining industry.
Bitfarms, a prominent global Bitcoin mining company, has been at the center of a strategic alternatives review process, which has been allegedly disrupted by Riot Platforms. Our sources at Bitfarms reveal that Riot Platforms attempted to undermine the ongoing review process by acquiring Bitfarms’ common shares in the open market, despite initially expressing interest in participating.
In response to Riot’s actions, Bitfarms took proactive measures by adopting a Shareholder Rights Plan on June 10, 2024, to safeguard the integrity of the strategic review process. This plan, as our experts explain, aims to ensure that the Special Committee can continue evaluating all opportunities thoroughly and maximize shareholder value.
Additionally, Bitfarms has highlighted Riot’s questionable corporate governance practices, emphasizing the importance of prioritizing shareholder interests. Despite the challenges posed by Riot, Bitfarms remains steadfast in its commitment to delivering the best possible outcome for its shareholders and maximizing value.
As Bitfarms navigates this complex situation, our team of financial and legal advisors, including Moelis & Company LLC, Skadden, Arps, Slate, Meagher & Flom LLP, Peterson McVicar LLP, and McMillan LLP, are working tirelessly to support the company’s strategic decisions.
Founded in 2017, Bitfarms has established itself as a leader in the Bitcoin mining industry, operating 12 mining facilities across Canada, the United States, Paraguay, and Argentina, with plans for further expansion. The company’s dedication to using environmentally friendly energy sources, such as hydro-electric power, sets it apart in the industry.
Stay tuned to Extreme Investor Network for more exclusive updates and expert insights on the evolving landscape of cryptocurrency mining and blockchain technology. Trust us to provide you with unparalleled information and analysis that you won’t find anywhere else. Join us on this exciting journey of investment opportunities and technological innovation in the world of Crypto.