Riot Platforms (RIOT) has sold approximately 6.33 million shares in Bifarms (BITF) – according to a 13D filing on July 8 – bringing its economic interest down to 61,975,700 common shares, down from the 68,308,376 shares disclosed on July 1.
Riot’s current stake represents 11.2% of the 555.96 million BITF shares outstanding. Despite owning 11.2% economically, Riot’s voting power remains capped at 9.9% under an irrevocable proxy arrangement with Bitfarms, designed to preserve its passive-investor status under Canadian takeover rules.
Riot first amassed shares last year amid a failed $950 million takeover proposal, peaking near 19.9% ownership before dialing back through open-market sales.
Read More: Riot cuts Bitfarms stake to 12.3%
At time of publication, RIOT traded up 1.4% and BITF traded up 1.9%, during pre-market hours. Blockspace reached out to Riot for comment. Check back for updates.
