Riot Pushes for Overhaul at Bitfarms Ahead of Key Shareholder Meeting

Riot Platforms Inc., the largest shareholder of bitcoin mining firm Bitfarms Ltd. with a 19.9% stake, issued an open letter calling for significant changes to Bitfarms’ governance ahead of the Oct. 29 special meeting. Riot criticized recent board changes as insufficient, emphasizing the need for independent directors to enhance shareholder value. The letter highlights concerns over Bitfarms’ defensive strategies, such as a failed “poison pill” policy and the controversial acquisition of Stronghold Digital Mining at a significant premium. Riot plans to nominate two independent directors, Amy Freedman and John Delaney, to replace current board members Andres Finkielsztain and Fanny Philip, aiming to overhaul Bitfarms’ governance practices. Riot also urged Bitfarms not to engage in any further actions that might entrench the current board or disadvantage shareholders before the meeting. Riot is committed to holding current directors accountable for any decisions that negatively impact shareholders.