Bitfarms Delays Shareholder Meeting Despite Riot Platforms Takeover Struggles

In response to constant pressure from Riot Platforms, Bitfarms has rescheduled its special shareholder meeting for November. The postponement gives Bitfarms’ Special Committee additional time to evaluate Riot’s most recent requests, which may have an effect on the board composition and future governance of the company.

The meeting that was originally scheduled on October 29 has been rescheduled for November 6. Riot Platforms, a significant Bitfarms shareholder, has been making unsuccessful attempts to buy the business. Riot called a special shareholder meeting in July after pulling out of its $950 million buyout offer with the intention of changing Bitfarms’ board of directors.

Control over the board remains the central issue in this prolonged acquisition struggle. Riot Platforms continues to push for influence, while Bitfarms insists that its actions prioritize the best interests of all shareholders. Bitfarms has accused Riot of focusing only on its own interests and those of its shareholders.

To counter Riot’s moves, Bitfarms’ Special Committee is now considering a proposal to increase the number of board members from five to six. This adjustment could help strengthen Bitfarms’ control in its ongoing defense against Riot’s efforts.

A Long-Running Battle in Crypto Mining

The acquisition saga between Bitfarms and Riot Platforms has been a lengthy and contentious one within the crypto mining sector. Bitfarms has resisted Riot’s attempts, using various tactics, including a “poison pill” strategy to ward off the takeover. Meanwhile, Riot has increased its stake in Bitfarms and continues to push for greater influence.

As the November meeting approaches, both companies remain locked in a struggle for control. Bitfarms recently criticized Riot Platforms’ proposed board nominees, suggesting Riot is using governance changes as a strategic move toward eventual dominance.

The result of this battle will shape the future of Bitfarms and may set a precedent for governance within the cryptocurrency mining industry.