Riot Platforms Ups Bitfarms Stake to 13.1%

TL;DR

Riot Platforms now owns 13.1% of Bitfarms. Big crypto mining play unfolding.

AI Summary

Riot Platforms, Inc. has filed an amendment (No. 2) to its Schedule 13D concerning Bitfarms Ltd. as of June 4, 2024. Riot Platforms, Inc. now beneficially owns 13.1% of Bitfarms Ltd.'s outstanding common shares, totaling 17,600,000 shares. This filing indicates a significant stake and potential influence over the company.

Why It Matters

This filing signals increased activity and potential strategic moves by Riot Platforms in the cryptocurrency mining sector, possibly impacting Bitfarms' governance or future operations.

Risk Assessment

Risk Level: medium — The filing indicates a substantial ownership stake, which could lead to activist investor behavior or a takeover attempt, introducing uncertainty.

Key Numbers

• 13.1% — Ownership Stake (Riot Platforms' beneficial ownership percentage in Bitfarms Ltd.)
• 17,600,000 — Shares Owned (Total number of Bitfarms Ltd. common shares beneficially owned by Riot Platforms, Inc.)

Key Players & Entities

• Riot Platforms, Inc. (company) — Filing entity and beneficial owner
• Bitfarms Ltd. (company) — Subject company
• 17,600,000 (dollar_amount) — Number of shares beneficially owned
• 13.1% (dollar_amount) — Percentage of outstanding common shares owned
• June 4, 2024 (date) — Filing date

FAQ

From the Filing

0001104659-24-068052.txt : 20240604 0001104659-24-068052.hdr.sgml : 20240604 20240604070837 ACCESSION NUMBER: 0001104659-24-068052 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240604 DATE AS OF CHANGE: 20240604 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-93561 FILM NUMBER: 241016067 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/A 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/A 1 tm2415618d10_sc13da.htm SC 13D/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 2)* 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) June 3 , 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 4 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 44,866,115 8 SHARED VOTING POWER 0 9 SOLE DISPOSITIVE POWER 44,866,115 10 SHARED DISPOSITIVE POWER 0 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 44,866,115 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: ¨ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.3% 14 TYPE OF REPORTING PERSON CO CUSIP No. 09173B107 Page 3 of 4 SCHEDULE 13D Item 1. Sec