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

From the Filing

0001104659-24-085594.txt : 20240805 0001104659-24-085594.hdr.sgml : 20240805 20240805070042 ACCESSION NUMBER: 0001104659-24-085594 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20240805 DATE AS OF CHANGE: 20240805 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: 241173072 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 tm2420820d1_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. 8)* 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) August 2 , 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 5 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 76,267,318 8 SHARED VOTING POWER 0 9 SOLE DISPOSITIVE POWER 76,267,318 10 SHARED DISPOSITIVE POWER 0 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 76,267,318 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES: ¨ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 16.9% 14 TYPE OF REPORTING PERSON CO CUSIP No. 09173B107 Page 3 of 5 SCHEDULE 13D Ite