Riot Platforms Eyes Bitfarms Stake

TL;DR

Riot Platforms just disclosed a 13D on Bitfarms. Big moves coming?

AI Summary

Riot Platforms, Inc. has filed a Schedule 13D, indicating a significant stake in Bitfarms Ltd. as of May 28, 2024. Riot Platforms, Inc. is based in Castle Rock, CO, and Bitfarms Ltd. is headquartered in Toronto, Canada. This filing suggests a potential shift in control or influence over Bitfarms Ltd.

Why It Matters

This filing by Riot Platforms, Inc. signals a potential activist stake or takeover interest in Bitfarms Ltd., which could lead to significant changes in Bitfarms' management, strategy, or ownership structure.

Risk Assessment

Risk Level: medium — The filing indicates a significant stake, which could lead to a proxy fight or takeover attempt, introducing uncertainty for investors.

Key Players & Entities

• Riot Platforms, Inc. (company) — Filing entity
• Bitfarms Ltd. (company) — Subject company
• 3855 Ambrosia Street, Suite 301, Castle Rock, CO 80109 (address) — Riot Platforms, Inc. business address
• 110 Yonge Street, Suite 1601, Toronto, ON M5C 1T4 (address) — Bitfarms Ltd. business address

FAQ

From the Filing

0001104659-24-065417.txt : 20240528 0001104659-24-065417.hdr.sgml : 20240528 20240528110437 ACCESSION NUMBER: 0001104659-24-065417 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20240528 DATE AS OF CHANGE: 20240528 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Bitfarms Ltd CENTRAL INDEX KEY: 0001812477 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] ORGANIZATION NAME: 09 Crypto Assets IRS NUMBER: 000000000 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-93561 FILM NUMBER: 24987788 BUSINESS ADDRESS: STREET 1: 110 YONGE STREET STREET 2: SUITE 1601 CITY: TORONTO STATE: A6 ZIP: M5C 1T4 BUSINESS PHONE: 647-259-1790 MAIL ADDRESS: STREET 1: 110 YONGE STREET STREET 2: SUITE 1601 CITY: TORONTO STATE: A6 ZIP: M5C 1T4 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Riot Platforms, Inc. CENTRAL INDEX KEY: 0001167419 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] ORGANIZATION NAME: 09 Crypto Assets IRS NUMBER: 841553387 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 3855 AMBROSIA STREET, SUITE 301 CITY: CASTLE ROCK STATE: CO ZIP: 80109 BUSINESS PHONE: 303-794-2000 MAIL ADDRESS: STREET 1: 3855 AMBROSIA STREET, SUITE 301 CITY: CASTLE ROCK STATE: CO ZIP: 80109 FORMER COMPANY: FORMER CONFORMED NAME: Riot Blockchain, Inc. DATE OF NAME CHANGE: 20171004 FORMER COMPANY: FORMER CONFORMED NAME: Bioptix, Inc. DATE OF NAME CHANGE: 20161201 FORMER COMPANY: FORMER CONFORMED NAME: Venaxis, Inc. DATE OF NAME CHANGE: 20121218 SC 13D 1 tm2415618d3_sc13d.htm SC 13D UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No.     )* Bitfarms Ltd. (Name of Issuer) Common Shares (Title of Class of Securities) 09173B107 (CUSIP Number) Riot Platforms, Inc. 3855 Ambrosia Street, Suite 301 Castle Rock, CO 80109 Telephone: (303) 794-2000 Attention to: William Jackman Executive Vice President, General Counsel and Secretary (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) May 21, 2024 (Date of Event Which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨ * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of section 18 of the Securities Exchange Act of 1934 (“ Act ”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 09173B107 Page 2 of 7 SCHEDULE 13D 1 NAME OF REPORTING PERSON Riot Platforms, Inc. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) ¨ 3 SEC USE ONLY 4 SOURCE OF FUNDS WC 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Nevada NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 7 SOLE VOTING POWER 36,856,350 8 SHARED VOTING POWER 0 9 SOLE DISPOSITIVE POWER 36,856,350 10 SHARED DISPOSITIVE POWER 0 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 36,856,350 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: ¨ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.25% 14 TYPE OF REPORTING PERSON CO CUSIP No. 09173B107 Page 3 of 7 SCHEDULE 13D