Bitfarms Secures Agreement with Riot; Freedman Appointed to Board, Reports Reuters

Bitfarms, a cryptocurrency mining company, announced on Monday that it has reached a settlement agreement with its competitor and major investor, Riot Platforms. As part of this agreement, Amy Freedman has been appointed to the Bitfarms board of directors.

Freedman, a former investment banker with experience in corporate governance, will replace Andrés Finkielsztain. She was among three nominees put forward by Riot as part of the arrangement.

The companies have been in conflict since April, when Riot made an unsolicited offer of $950 million to acquire the Canadian-based Bitfarms. Bitfarms rejected the offer, claiming it undervalued the company, and implemented a poison pill strategy to prevent a hostile takeover.

Riot has contended that Bitfarms suffers from inadequate corporate governance and holds approximately a 19.9% stake in the company. Additionally, Bitfarms disclosed that it has granted Riot certain rights to purchase shares, contingent upon maintaining a stake of 15% or more.