Bitfarms appoints new CEO as Riot intensifies takeover bid

Bitcoin miner Riot Platforms’ effort to instrumentality implicit rival Bitfarms has taken a caller crook with caller developments successful some companies.

Dedicated website

On July 8, Riot launched a dedicated website, “ABetterBitfarms,” to amended Bitfarms shareholders connected wherefore the rival firm’s committee should beryllium reconstituted.

CryptoSlate’s sojourn to the caller website was greeted by a bold connection stating:

“It’s Time To Fix Bitfarms’ Broken Corporate Governance. New, autarkic perspectives are needed connected the Bitfarms Board to measure the champion way guardant for shareholders.”

The tract urges Bitfarms stakeholders to anonymously stock their views connected the company’s operations and encourages shareholders to registry and travel the website.

The determination adds to the ongoing struggle betwixt the 2 BTC miners. Riot archetypal tried to acquire Bitfarms successful April for astir $950 million, but Bitfarms rejected the connection due to the fact that it undervalued the company.

In June, Riot called for a peculiar meeting of Bitfarms shareholders to restructure Bitfarms’ board. The miner wants to region Chairman and Interim CEO Nicolas Bonta and manager Andrés Finkielsztain, claiming the existent committee prioritizes the directors’ interests implicit those of shareholders.

Meanwhile, Riot has steadily purchased Bitfarms stock, becoming its largest shareholder with a 14.9% stake.

New CEO

On the different hand, Bitfarms continues to defy Riot’s takeover and has appointed Ben Gagnon, the erstwhile Chief Mining Officer, arsenic its Chief Executive Officer.

Gagnon started astatine the steadfast arsenic its Director of Business Development successful 2019 and oversaw its mining strategy and operations, including maturation strategies, mining economics, miner portfolio management, and valuation and integration of caller technologies.

Gagnon stated that the steadfast would absorption connected HPC (high-performance computing) for AI (artificial intelligence) opportunities nether his stewardship and hole strategies for the 2028 halving event.

Meanwhile, Gagnon is the 2nd large enforcement prosecute for the steadfast successful the past 2 weeks. Bitfarms besides appointed Fanny Philip arsenic an autarkic committee member, expanding the committee to 5 directors, 4 of whom are independent.

The station Bitfarms appoints caller CEO arsenic Riot intensifies takeover bid appeared archetypal connected CryptoSlate.