Riot Platforms resells 6.5 million shares of Bitfarms, reducing its ownership stake to 13.4%.

Bitcoin miner Riot Platforms sells 6.5 million Bitfarms shares to 13.4%] Bitcoin miner Riot Platforms has continued to sell its stake in rival Bitfarms since June 7, selling an additional 6.5 million shares for a total gain of $5.67 million. According to the U.S. Securities and Exchange Commission (SEC), the average selling price of the latest tranche of shares was $0.85 per share. The sale follows a liquidation round between May 27 and June 6, during which Riot sold 8.85 million shares at an average price of $0.97 per share. Since the end of May, the company has sold a total of 15.36 million Bitfarms shares, earning approximately $14.2 million. Despite the continued reduction of holdings, Riot remains one of Bitfarms’ largest shareholders. As of June 20, it still held 13.4% of the company’s outstanding shares, down from more than 14% before the latest sale. Riot initially built a position in Bitfarms in a failed takeover attempt in 2024, accumulating about 90 million shares at a weighted average cost of $2.24 per share. The recent sale represents only a fraction of that position, but was made at a price well below Riot’s original purchase price, highlighting the financial losses associated with the strategic retreat.