Riot Platforms Boosts Stake in Bitfarms

TL;DR

Riot Platforms just bought more Bitfarms shares, upping their stake. Big moves in crypto mining.

AI Summary

Riot Platforms, Inc. has filed an amendment (No. 8) to its Schedule 13D concerning Bitfarms Ltd. as of August 5, 2024. Riot Platforms, Inc. previously held 10.1% of Bitfarms' outstanding shares and has now increased its stake, though the exact new percentage and number of shares are detailed within the full filing. This filing indicates a significant shift in Riot's investment strategy regarding Bitfarms.

Why It Matters

This filing signals a potential shift in control or influence for Bitfarms Ltd., as a major competitor, Riot Platforms, Inc., increases its ownership. Investors will be watching for further actions or strategic moves from Riot.

Risk Assessment

Risk Level: medium — Increased stake by a competitor could lead to strategic shifts, potential proxy battles, or changes in Bitfarms' operational direction.

Key Numbers

• 10.1% — Previous Ownership (Riot Platforms' prior stake in Bitfarms Ltd.)

Key Players & Entities

• Riot Platforms, Inc. (company) — Filing entity and investor
• Bitfarms Ltd. (company) — Subject company
• 0001104659-24-085594 (filing_id) — SEC Accession Number
• 20240805 (date) — Filing date

FAQ

Key Financial Figures

• $171,161,076 — Reporting Person reported herein was US$171,161,076. The Common Shares beneficially owned b

Filing Documents

• tm2420820d1_sc13da.htm (SC 13D/A) — 38KB
• tm2420820d1_ex1.htm (EX-1) — 17KB
• 0001104659-24-085594.txt ( ) — 56KB

Security and Issuer

Item 1. Security and Issuer. This Amendment No. 8 to Schedule 13D (“ Amendment No. 8 ”) relates to the Schedule 13D filed on May 28, 2024 (as amended by Amendment No. 1, dated May 29, 2024, Amendment No. 2, dated June 4, 2024, Amendment No. 3 dated June 5, 2024, Amendment No. 4 dated June 12, 2024, Amendment No. 5 dated June 13, 2024, Amendment No. 6 dated June 24, 2024 and Amendment No. 7 dated July 31, 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. 8, the Schedule 13D is unchanged.

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration.

of the Schedule 13D is hereby amended

Item 3 of the Schedule 13D is hereby amended and restated to read in full as follows: The information disclosed under Item 4 of the Schedule 13D (as amended by Amendment No. 8) is hereby incorporated by reference into this Item 3. T he aggregate purchase price of the Common Shares held by the Reporting Person reported herein was US$171,161,076. The Common Shares beneficially owned by the Reporting Person were purchased using funds out of its working capital.

Purpose of Transaction

Item 4. Purpose of Transaction.

of the Schedule 13D is hereby amended

Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: On August 2, 2024, the Reporting Person issued a press release announcing that the Reporting Person had increased its beneficial ownership of the Common Shares to 16.9%. The foregoing summary of the press release is not intended to be complete and is qualified in its entirety by reference to the full text of the press release, which is filed as Exhibit 1 hereto and is incorporated herein by reference. CUSIP No. 09173B107 Page 4 of 5 SCHEDULE 13D

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$) Price Range (US$) 07/31/2024 2,100,000 2.63 2.55 – 2.72 08/01/2024 2,228,625 2.52 2.40 – 2.67 08/02/2024 380,838 2.40 2.36 – 2.44

Material to Be Filed as Exhibits

Item 7. Material to Be Filed as Exhibits. Exhibit 1: Press Release of the Reporting Person, dated August 2, 2024 CUSIP No. 09173B107 Page 5 of 5 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: August 5, 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