Riot Platforms Amends Bitfarms Stake Filing

TL;DR

Riot Platforms just updated its Bitfarms filing - watch this space.

AI Summary

Riot Platforms, Inc. has filed an amendment (No. 9) to its Schedule 13D concerning Bitfarms Ltd., indicating a change in its beneficial ownership as of August 9, 2024. The filing details Riot's holdings and intentions regarding Bitfarms, a company in the cryptocurrency mining sector.

Why It Matters

This filing signals potential strategic moves or increased influence by Riot Platforms in Bitfarms, which could impact the cryptocurrency mining industry landscape.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can indicate shifts in control or strategic intent, potentially affecting stock prices.

Key Players & Entities

• Riot Platforms, Inc. (company) — Filing party
• Bitfarms Ltd. (company) — Subject company
• 09173B107 (other) — CUSIP Number for Bitfarms Ltd. Common Shares

FAQ

Key Financial Figures

• $181,304,529 — Reporting Person reported herein was US$181,304,529. The Common Shares beneficially owned b

Filing Documents

• tm2421289d1_sc13da.htm (SC 13D/A) — 28KB
• 0001104659-24-087537.txt ( ) — 30KB

Security and Issuer

Item 1. Security and Issuer. This Amendment No. 9 to Schedule 13D (“ Amendment No. 9 ”) 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, Amendment No. 7 dated July 31, 2024 and Amendment No. 8 dated August 5, 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) (the “ Company ”), whose principal executive offices are located at 110 Yonge Street, Suite 1601, Toronto, Ontario, M5C 1T4. Except as specifically amended by this Amendment No. 9, 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 and

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 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$181,304,529. 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.

(a) and (b) of the Schedule 13D is hereby amended and restated

Item 5(a) and (b) of the Schedule 13D is hereby amended and restated to read in full as follows: (a) and (b) The aggregate number and percentage of the Common Shares that are beneficially owned by the Reporting Person and as to which the Reporting Person has sole voting power, shared voting power, sole dispositive power and shared dispositive power are set forth on the cover page of this Statement, and such information is incorporated herein by reference. The percentages used herein are calculated based on an aggregate of 451,286,000 Common Shares outstanding, based on the information contained in the Company’s management’s discussion and analysis for the three and six months ended June 30, 2024, filed as Exhibit 99.2 to the Company’s Report of Foreign Private Issuer filed on Form 6-K on August 8, 2024.

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$) Price Range (US$) 08/07/2024 1,725,000 1.96 1.88 – 2.06 08/08/2024 3,047,898 2.22 1.96 – 2.35 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: August 9, 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