Riot Platforms Urges Governance Reforms in Open Letter to Bitfarms Shareholders

• Riot Platforms, the largest shareholder of Bitfarms, has issued an open letter to Bitfarms' shareholders, calling for additional changes to the company's board of directors.
• Riot holds a 19.9% stake in Bitfarms and proposes the election of two independent directors, Amy Freedman and John Delaney.
• Riot warns Bitfarms against taking actions that could entrench the existing board before the Oct. 29 meeting.
• Bitfarms recently announced plans to acquire Stronghold Digital Mining in a $175 million deal, which Riot criticizes as overpriced.
• Riot criticizes Bitfarms' board of directors moves as "reactive and insufficient" and accuses them of not working constructively with Riot.
• Bitfarms' shareholder meeting is set for Oct. 29, where Riot will push for reforms to improve governance and value for shareholders.

Summary :
Bitcoin mining giant Riot Platforms has issued an open letter to shareholders of rival company Bitfarms, calling for additional changes to the board of directors. Riot, which holds a 19.9% stake in Bitfarms, has criticized recent governance changes and the proposed acquisition of Stronghold Digital Mining. Riot argues that the changes made by Bitfarms are insufficient and reactive, and proposes the election of two independent directors. The upcoming shareholder meeting is scheduled for October 29th, where Riot will push for reforms to improve governance and value for all shareholders.

Sources :

- Decrypt
- TheBlock
- CoinTelegraph
- Blockworks