Bitcoin Miner Riot Trims 8.85 Million Bitfarms Shares at Loss

Riot Platforms has sold 8.85 million shares of rival Bitcoin miner Bitfarms on the open market, marking a notable loss on part of its high-profile takeover bid last year.
According to Riot’s latest disclosure, it liquidated the shares between May 27 and June 6, generating $8.58 million in proceeds at an average price of $0.97 per share — a 56% discount to Riot’s original purchase cost.
Riot had built its Bitfarms stake through a hostile takeover bid launched in March 2024. By September 2024, it had acquired 90 million Bitfarms shares at a weighted average price of $2.24 per share, representing a total investment of $202 million. The 8.85 million shares recently sold account for nearly 10% of Riot’s initial position.
The two companies ultimately settled last September, under which Riot agreed to withdraw its takeover bid in exchange for governance changes at Bitfarms, including board restructuring.
Bitfarms shares have declined sharply since then, reflecting broader weakness in smaller-cap Bitcoin mining stocks amid falling BTC transaction fees and compressed mining margins.
After the recent liquidation, Riot still holds 81.25 million shares of Bitfarms, representing a 14.6% stake, down from 19.9% last September. Based on Bitfarms’ June 6 closing price of $0.90, Riot’s remaining stake is now valued at approximately $73.1 million, well below the original $202 million investment.