SCHEDULE: Riot Platforms Reduces Stake in Bitfarms, Sells Millions of Shares

Riot Platforms, Inc. has filed Amendment No. 17 to its Schedule 13D, disclosing the sale of over 6.4 million Common Shares of Bitfarms Ltd. and updating its beneficial ownership to 12.3% of outstanding shares.

Summary

• Riot Platforms, Inc. (the "Reporting Person") filed Amendment No. 17 to its Schedule 13D regarding its beneficial ownership in Bitfarms Ltd. (the "Company").
• The Reporting Person now beneficially owns an aggregate of 68,308,376 Common Shares of Bitfarms Ltd., representing approximately 12.3% of the Company's outstanding Common Shares.
• Riot Platforms holds sole voting power over 55,040,197 Common Shares, which is approximately 9.9% of the outstanding shares, due to an irrevocable proxy granted to Bitfarms for shares exceeding 9.9% of total voting power.
• The calculation of beneficial ownership is based on 555,961,590 Common Shares of Bitfarms Ltd. outstanding as per the Company's management information circular filed on June 9, 2025.
• Since its last Schedule 13D filing on June 20, 2025, Riot Platforms sold a total of 6,439,780 Common Shares of Bitfarms Ltd. on the open market.
• These sales occurred between June 24, 2025, and July 1, 2025, at weighted average prices ranging from $0.800 to $0.838 per share.
• Specific sales include 342,026 shares on June 24, 2025 (weighted average price $0.800), 362,782 shares on June 25, 2025 (weighted average price $0.812), 600 shares on June 26, 2025 (weighted average price $0.803), 2,931,888 shares on June 30, 2025 (weighted average price $0.821), and 2,802,484 shares on July 1, 2025 (weighted average price $0.838).

Sentiment

Score: 3

Explanation: The sentiment is negative as a significant shareholder is divesting a substantial portion of its stake, which can be interpreted as a bearish signal for the issuer's stock.

Negatives

• A significant shareholder, Riot Platforms, has reduced its stake in Bitfarms Ltd. by selling over 6.4 million shares, which could be perceived negatively by the market.
• The sales occurred at prices ranging from $0.800 to $0.861 per share, indicating a divestment at current market valuations.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding future operations or financial performance of either Riot Platforms or Bitfarms, beyond the factual reporting of share ownership and transactions.

Industry Context

This filing reflects a strategic move by Riot Platforms, a major player in the Bitcoin mining industry, to reduce its equity stake in another significant industry participant, Bitfarms. Such divestments can be influenced by various factors including capital allocation strategies, market conditions for Bitcoin, or a re-evaluation of strategic investments within the competitive and capital-intensive crypto mining sector.

Stakeholder Impact

• Shareholders of Bitfarms Ltd. may experience negative sentiment and potential downward pressure on the stock price due to the significant share sales by a major holder, Riot Platforms, Inc.

Key Dates

Recommendation

Keywords

Riot Platforms, Bitfarms, Schedule 13D, Beneficial Ownership, Share Sales, Bitcoin Mining, Crypto, Equity Stake, SEC Filing