SCHEDULE: Riot Platforms Significantly Reduces Stake in Bitfarms, Sells Over 8 Million Shares

Riot Platforms, Inc. has further reduced its beneficial ownership in Bitfarms Ltd. to 8.3% by selling over 8.3 million common shares since its last filing.

Summary

• Riot Platforms, Inc. (the "Reporting Person") filed Amendment No. 20 to its Schedule 13D regarding its beneficial ownership of Common Shares in Bitfarms Ltd. (the "Company").
• As of July 21, 2025, Riot Platforms beneficially owns 46,421,327 Common Shares of Bitfarms Ltd.
• This represents 8.3% of Bitfarms' total outstanding Common Shares, calculated based on 557,548,857 shares outstanding as per Bitfarms' press release on July 22, 2025.
• Since its 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).

Sentiment

Score: 4

Explanation: The sentiment is slightly negative for Bitfarms as a significant shareholder, Riot Platforms, continues to reduce its stake, potentially signaling a lack of long-term confidence or a strategic shift away from a large holding in Bitfarms. For Riot, it represents a portfolio adjustment and realization of value.

Negatives

• Riot Platforms, a significant shareholder, has continued to reduce its stake in Bitfarms, which could be interpreted as a lack of confidence or a strategic divestment.
• The sale of over 8.3 million shares by a major holder could exert downward pressure on Bitfarms' share price.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding Bitfarms' future operations or Riot Platforms' future intentions beyond the reported sales.

Industry Context

This filing reflects ongoing portfolio adjustments by major players in the cryptocurrency mining sector. Riot Platforms and Bitfarms are both significant entities in the Bitcoin mining industry. The reduction of a strategic stake by one major miner in another could indicate a shift in investment strategy or a move to reallocate capital within the volatile crypto market.

Stakeholder Impact

• Shareholders of Bitfarms Ltd. may view the continued reduction of Riot Platforms' stake as a negative signal, potentially leading to increased selling pressure on the stock.
• Investors tracking Riot Platforms may see this as a strategic move to rebalance its investment portfolio or realize gains from its Bitfarms holdings.

Key Dates

Recommendation

The filing indicates a significant shareholder, Riot Platforms, is actively reducing its stake in Bitfarms. While this doesn't directly reflect on Bitfarms' operational performance, it suggests a potential lack of conviction from a major investor or a strategic divestment. This selling pressure from a large holder could weigh on the stock price. A 'hold' recommendation is appropriate to observe how the market absorbs this selling and to await further operational updates from Bitfarms.

Keywords

Bitfarms, Riot Platforms, Bitcoin Mining, Cryptocurrency, Shareholder Activity, Beneficial Ownership, SEC Filing, Schedule 13D, Common Shares