Bitfarms Co-Founder Sells Shares After Stepping Down from Board

Bitfarms (BITF) co-founder Nicolas Bonta has liquidated 400,000 shares of his indirect ownership in the Bitcoin mining firm, a month after stepping down from his roles as chairman and interim CEO.

According to a Form 144 filed by Bitfarms with the SEC on Tuesday, Malon Investments Holdings sold 400,000 shares of Bitfarms for $827,440 at an average price of $2.07 per share.

It appears that Bonta is a beneficial owner of Malon Investments, as the company’s relationship with Bitfarms was identified in the filing under the status of “former director.”

Malon Investments had acquired 2 million shares of Bitfarms from Bonta through a private transaction in 2019, according to the filing. The recent sale of 400,000 shares, which accounts for 20% of the original transaction, was authorized with Bonta’s signature as a director of the Malon Investments.

Bonta assumed the role of interim CEO of Bitfarms following the sudden departure of former CEO Geoffrey Morphy earlier this year, amid allegations of wrongful dismissal. However, both Bonta and his fellow co-founder Emiliano Grodzki left Bitfarms’ board following Riot’s hostile takeover campaign, which was settled earlier this week.

Public records show that Bonta held approximately 11.1 million shares of Bitfarms in mid-2021 and began liquidating a significant portion of his holdings during the bull market, ending the year with 8.8 million shares. As of the end of 2023, he still held 8.6 million shares.