In a recent move, Riot Platforms, a prominent U.S.-based Bitcoin mining company, has sold approximately $1.58 million worth of shares in its rival, Bitfarms Ltd., as part of an ongoing investment reevaluation. This sale, disclosed on June 9, 2025, involved the transfer of 1,748,200 common shares, representing about 0.31% of Bitfarms' issued and outstanding shares.
Despite this reduction, Riot Platforms retains a significant stake in Bitfarms, holding over 14% ownership. The company has been a major shareholder in Bitfarms since it first proposed a $950 million acquisition deal in May 2024, an offer that was rejected by Bitfarms’ board. Riot's strategic moves have since included increasing its stake to as high as 18.9% in August 2024 before this recent sale.
The sale comes amid a broader context of Riot's persistent efforts to influence Bitfarms’ direction, including a push for board changes and a proposed takeover to create the world’s largest publicly listed Bitcoin miner. Analysts suggest this share sale may reflect a recalibration of Riot’s investment strategy as it navigates the volatile cryptocurrency mining landscape.
Bitfarms, a Canadian-based Bitcoin mining firm, has faced its own challenges, including a 24% share price decline in early 2025 despite strong production results. The interplay between Riot’s stake adjustments and Bitfarms’ market performance continues to draw attention from investors and industry observers alike.
While Riot has trimmed its holdings, retail investors appear to maintain confidence in Bitfarms, with some insiders reportedly buying shares earlier in 2025. This divergence in sentiment underscores the uncertainty surrounding the future relationship between the two companies.
As the Bitcoin mining sector evolves with fluctuating market conditions and regulatory developments, Riot Platforms’ next steps regarding Bitfarms will be closely watched. Whether this share sale signals a retreat or a tactical repositioning remains to be seen.
Alfred Lee
