SCHEDULE: Riot Platforms Exits Bitfarms Stake

Riot Platforms, Inc. has filed its final amendment to Schedule 13D, indicating it has ceased to be a beneficial owner of more than 5% of Bitfarms Ltd.'s common shares.

Summary

• Riot Platforms, Inc. has filed Amendment No. 22 to its Schedule 13D, serving as its final amendment and exit filing for its investment in Bitfarms Ltd.
• As of August 18, 2025, Riot Platforms ceased to be the beneficial owner of more than 5% of Bitfarms' Common Shares.
• Riot Platforms now beneficially owns 25,675,522 Common Shares of Bitfarms, representing 4.6% of the outstanding class.
• The percentage is calculated based on 552,599,613 Common Shares of Bitfarms outstanding as of June 30, 2025.
• Riot Platforms sold a total of 14,243,380 Common Shares of Bitfarms on the open market between August 11, 2025, and August 18, 2025.
• Sales included 100,000 shares on August 11, 2025, at a weighted average price of $1.30; 1,671,845 shares on August 12, 2025, at $1.25; 711,042 shares on August 13, 2025, at $1.31; 655,458 shares on August 15, 2025, at $1.27; and 11,105,035 shares on August 18, 2025, at $1.36.

Sentiment

Score: 3

Explanation: The filing indicates a major investor, Riot Platforms, has significantly reduced its stake in Bitfarms and is exiting its position as a beneficial owner of more than 5%. This divestment by a large shareholder is generally perceived negatively by the market for the target company, suggesting a lack of confidence or a strategic shift by the selling entity.

Negatives

• Riot Platforms, a significant shareholder, has reduced its stake in Bitfarms Ltd. to below 5%, signaling a divestment from the company.
• The sale of a large block of shares by a major investor could exert downward pressure on Bitfarms' stock price.

Future Outlook

NA

Industry Context

This filing reflects a significant investor's divestment from a cryptocurrency mining company. In the volatile crypto mining industry, such exits can be driven by various factors, including changes in market conditions, strategic re-prioritization by the investor, or a reassessment of the target company's prospects. It could signal a shift in investment strategy for Riot Platforms or a bearish view on Bitfarms specifically.

Stakeholder Impact

• Shareholders: Potential negative impact on share price due to a large block of shares being sold and the signal of a major investor exiting.
• Management: May face increased scrutiny or questions regarding the company's strategy and future prospects following a major investor's divestment.

Key Dates

Recommendation

Riot Platforms, a significant shareholder, has divested a substantial portion of its stake in Bitfarms, reducing its ownership to below 5% and filing an exit amendment. This action by a major investor typically signals a lack of confidence in the company's future prospects or a strategic reallocation of capital away from the investment. Such a large-scale divestment can create downward pressure on the stock price and may be interpreted by the market as a bearish signal, warranting a sell recommendation for investors.

Keywords

Bitfarms, Riot Platforms, Common Shares, Schedule 13D, Share Sale, Beneficial Ownership, Cryptocurrency Mining, Blockchain, Investor Exit