Correction June 4, 2025 (1:40 PM EST): The original version of this article incorrectly stated that Riot had sold its stake in Bitfarms. The shares are listed for sale, but they have not been sold yet.
Riot Platforms (RIOT) may sell its multi-million dollar stake in rival Bitfarms (BITF), per a recent filing.
Per a May 27, 2025 SEC filing, Riot has listed for possible sale 90,110,912 BITF shares for $97.3 million, less than half of the $204 million it paid for the shares in multiple purchases last year.
The stake represented roughly 16% of Bitfarms’ outstanding stock at the time of sale, versus 19.9% at the time of Riot’s last purchase in September 2024.
Riot originally offered to purchase Bitfarms for $950 million in April of last year, an offer Bitfarms swiftly rejected. After Bitfarms rebuffed the proposal, Riot began accumulating Bitfarms shares in what some called a hostile takeover attempt.
Bitfarms countered the takeover attempt with a proposed poison pill strategy to dilute Riot’s stake should it exceed 20%.
The two companies settled the dispute in September 2024. It ended with Riot agreeing to not purchase more than 20% of Bitfarms’ stock without board approval, and in exchange, Bitfarms appointed one of Riot’s proposed board members.
