Bitfarms appoints new CEO as Riot strengthens acquisition offer
Bitcoin mining giant Riot Platform’s bid to acquire rival Bitfarms has taken a new turn following recent developments between the two companies.
Dedicated website
On July 8, Riot launched a dedicated website, “ABetterBitfarms,” to inform Bitfarms shareholders why the company should restructure its board of directors.
CryptoSlate’s When I visited the new website, I saw the following bold message:
“It’s time to fix Bitfarms’ broken corporate governance. The Bitfarms board needs a fresh, independent perspective to assess the best path forward for shareholders.”
The site encourages Bitfarms stakeholders to anonymously share their thoughts on the company’s operations, and encourages shareholders to register and follow the website.
The move adds to the ongoing feud between the two BTC miners. Riot attempted to acquire Bitfarms for around $950 million in April, but Bitfarms rejected the offer, claiming it undervalued the company.
In June, Riot called a special meeting of Bitfarms shareholders to reorganize the Bitfarms board of directors. The miner wants to remove Chairman and Interim CEO Nicolas Bonta and Director Andrés Finkielsztain, claiming that the current board prioritizes its own interests over those of shareholders.
Meanwhile, Riot has been steadily buying Bitfarms stock, acquiring a 14.9% stake and becoming the largest shareholder.
New CEO
Meanwhile, Bitfarms continues to resist Riot’s takeover and has appointed former chief mining officer Ben Gagnon as CEO.
Gagnon joined the company in 2019 as Director of Business Development, overseeing mine strategy and operations, including growth strategy, mine economics, mine portfolio management, and new technology evaluation and integration.
Gagnon said the company will focus on HPC (high-performance computing) for AI (artificial intelligence) opportunities under his leadership and prepare a strategy for the 2028 halving event.
Meanwhile, Gagnon has become the company’s second-largest executive hire in the past two weeks. Bitfarms also appointed Fanny Philip as an independent board member, expanding its board to five members, four of whom are independent.
