Riot Platforms, Bitfarms’ biggest shareholder, wants changes to the company’s board of directors. As a result, the company has moved its special shareholder meeting from October 29 to November 6. Riot, which has a big stake in Bitfarms, wants changes to be made to the company’s control so that it better serves the needs of its shareholders.
Riot Platforms wrote an open letter to Bitfarms owners on September 3 about their worries about the company’s leadership and their plan to name Ben Gagnon as CEO and board member. Riot also wants more independent directors to be added because they have the knowledge to make choices that are fair for all shareholders.
Bitfarms has delayed the meeting so that shareholders have more time to look over Riot’s demands and think about what they mean for the company in the long run. While both companies say they are working in the best interests of owners, their ongoing battle shows that they have different ideas about where the company should go in the future.
To ease Riot’s worries, Bitfarms suggested a solution that includes adding one person agreed upon by both sides to the board, making it six members instead of five. The upcoming special meeting will give Bitfarms owners a chance to decide on these changes and talk about how they think the company should be run.
Riot Platforms has bought more shares in Bitfarms over the past few months, pushing its total stock to 18.9% after buying an extra 1 million shares in August. The growing power of Riot has caused problems between the two companies, with each blaming the other of putting personal goals first.
The new meeting on November 6 will be very important for the company because owners will be voting on the planned board changes. The results could affect how Bitfarms is run and what its long-term goals are.
