Bitcoin Giant Riot Platforms Raises Stake in Rival Miner Bitfarms to 12%

In a notable move, Bitcoin mining powerhouse Riot Platforms has increased its ownership in competitor Bitfarms to 12%. Riot acquired an additional 1.5 million shares of Bitfarms, adding to its existing stake of 11.63%. The acquisition comes amidst concerns about Bitfarms' corporate governance, with Riot planning to call for a special shareholder meeting to add independent directors to the board. This development follows Riot's unsuccessful bid to acquire Bitfarms for nearly $1 billion and a short-sell report against Riot by Kerrisdale Capital. The news sent Riot's shares slightly lower, while Bitfarms' shares surged over 4%.