Riot Platforms Amends Bitfarms Stake Filing

TL;DR

Riot Platforms just updated its Bitfarms filing - something's brewing.

AI Summary

Riot Platforms, Inc. has filed an amendment (No. 2) to its Schedule 13D concerning Bitfarms Ltd. as of June 4, 2024. This filing indicates a significant change in beneficial ownership or control of Bitfarms Ltd. by Riot Platforms, Inc. The specific details of the change in ownership percentage or the exact number of shares acquired or disposed of are not explicitly stated in this excerpt, but the amendment signifies an active development in the relationship between the two companies.

Why It Matters

This amendment suggests Riot Platforms may be increasing its influence or stake in Bitfarms, potentially leading to strategic shifts or market reactions for both companies.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings often signal significant changes in a company's ownership structure, which can lead to volatility.

Key Players & Entities

• Riot Platforms, Inc. (company) — Filing entity
• Bitfarms Ltd. (company) — Subject company
• 0001104659-24-068052 (filing_id) — SEC Accession Number
• 20240604 (date) — Filing date

FAQ

Key Financial Figures

• $89,972,452 — Reporting Person reported herein was US$89,972,452. The Common Shares beneficially owned b

Filing Documents

• tm2415618d10_sc13da.htm (SC 13D/A) — 35KB
• 0001104659-24-068052.txt ( ) — 37KB

Security and Issuer

Item 1. Security and Issuer. This Amendment No. 2 to Schedule 13D (“ Amendment No. 2 ”) relates to the Schedule 13D filed on May 28, 2024 (as amended by Amendment No. 1, dated May 29, 2024, the “ Schedule 13D ”) by Riot Platforms, Inc., a Nevada corporation (the “ Reporting Person ”), relating to the Common Shares, no par value per share (the “ Common Shares ”), of Bitfarms Ltd., a corporation incorporated under the Canada Business Corporations Act and continued under the Business Corporations Act (Ontario), whose principal executive offices are located at 110 Yonge Street, Suite 1601, Toronto, Ontario, M5C 1T4. Except as specifically amended by this Amendment No. 2, the Schedule 13D is unchanged.

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration. The second paragraph of Item 3 of the Schedule 13D is hereby amended and restated to read in full as follows: T he aggregate purchase price of the Common Shares held by the Reporting Person reported herein was US$89,972,452. The Common Shares beneficially owned by the Reporting Person were purchased using funds out of its working capital.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer.

of the Schedule 13D is hereby amended and supplemented by adding

Item 5 of the Schedule 13D is hereby amended and supplemented by adding the following information: (c) The following information concerning the Common Shares purchased by (or on behalf of) the Reporting Person during the 60-day period prior to this filing is added: Trade Date Shares Purchased Weighted Average Price per Share (US$) Price Range (US$) 05/30/2024 2,135,158 2.23 2.15 – 2.30 05/31/2024 1,733,781 2.23 2.19 – 2.29 06/03/2024 1,138,476 2.33 2.27 – 2.36 CUSIP No. 09173B107 Page 4 of 4 SCHEDULE 13D SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct. Dated: June 4, 2024 Riot Platforms, Inc. By: /s/ Colin Yee Name: Colin Yee Title: Chief Financial Officer

View Full Filing

View this SC 13D/A filing on SEC EDGAR