SCHEDULE: Riot Platforms Significantly Reduces Stake in Bitfarms to 8.3%

Riot Platforms, Inc. has substantially decreased its beneficial ownership in Bitfarms Ltd. to 8.3% through a series of open market share sales.

Summary

• Riot Platforms, Inc. now beneficially owns 46,421,327 Common Shares of Bitfarms Ltd., representing 8.3% of the outstanding shares.
• The percentage is calculated based on 557,548,857 Common Shares of Bitfarms Ltd. outstanding as of July 22, 2025.
• Since the last Schedule 13D filing on July 16, 2025, Riot Platforms sold a total of 8,323,736 Common Shares on the open market.
• Sales occurred on July 18, 2025 (1,702,565 shares at a weighted average price of $1.10), July 21, 2025 (4,009,614 shares at $1.17), July 22, 2025 (2,546,598 shares at $1.30), and July 23, 2025 (64,959 shares at $1.28).
• The total value of shares sold by Riot Platforms since the last filing is approximately $9,957,794.80.

Sentiment

Score: 4

Explanation: The sentiment is moderately negative for Bitfarms Ltd. as a significant shareholder, Riot Platforms, has substantially reduced its stake, which can be interpreted as a lack of confidence or a strategic exit, potentially leading to downward pressure on the stock.

Positives

• Riot Platforms realized gains from selling shares at increasing weighted average prices, ranging from $1.10 to $1.30 per share.

Negatives

• Riot Platforms, a significant shareholder, has substantially reduced its stake in Bitfarms Ltd., potentially signaling a lack of confidence or a strategic shift away from the investment.
• The significant reduction in ownership by a major player could exert downward pressure on Bitfarms' stock price.

Future Outlook

NA

Industry Context

This filing reflects a significant ownership change between two prominent companies in the cryptocurrency mining sector. Riot Platforms' decision to reduce its stake in Bitfarms could indicate a strategic re-evaluation of its investment portfolio or a response to evolving market conditions within the crypto mining industry.

Related Party Transactions

• Riot Platforms, Inc., a significant beneficial owner of Bitfarms Ltd., sold Common Shares on the open market.

Stakeholder Impact

• Shareholders of Bitfarms Ltd. may perceive the reduction in Riot Platforms' stake as a negative signal, potentially impacting investor confidence and the company's share price.
• Riot Platforms' shareholders benefit from the realized gains from the share sales.

Key Dates

Recommendation

The significant reduction in beneficial ownership by a major player like Riot Platforms suggests a strategic divestment or a lack of confidence in Bitfarms Ltd.'s future prospects. This action typically signals a negative outlook for the issuer and could lead to further downward pressure on the stock, warranting a 'sell' recommendation for investors holding Bitfarms shares.

Keywords

Bitfarms, Riot Platforms, Beneficial Ownership, Share Sales, Cryptocurrency Mining, Schedule 13D, Stake Reduction