Fun

Bitfarms announces new CEO, Riot launches campaign as corporate dispute escalates

News Feed - 2024-07-09 01:07:36

Ana Paula Pereira7 hours agoBitfarms announces new CEO, Riot launches campaign as corporate dispute escalatesThe corporate battle for control of Bitfarms continues to evolve as the company appoints a new CEO, while its board continues to be contested by Riot Platforms.1073 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin miner Bitfarms has appointed new leadership, while Riot Platforms has launched a new campaign website as the corporate dispute between the companies continues.


According to a July 8 announcement, Bitfarms announced the appointment of Ben Gagnon as its new CEO. Gagnon was previously chief mining officer and has been at the company since 2019.


On the same day, Riot launched a new website in connection with its call for a special meeting of Bitfarms shareholders. In this meeting, which is yet to be scheduled, Riot seeks to reconstitute Bitfarms’ board of directors.


In a previous notice on June 24, Riot announced its nomination of three candidates for election to Bitfmars’ board — John Delaney, Amy Freedman and Ralph Goehring. Riot also sought the removal or replacement of Nicolas Bonta and Andrés Finkielsztain. According to Riot, both executives “bear direct responsibility” for Bitfmars’ alleged governance issues.Riot"s campaign website. Source: Riot Platforms


In response to a special meeting request, Bitfarms announced on June 27 an independent board member.Corporate tension unfolds


Riot’s public campaign is the most recent initiative in the ongoing dispute between the two companies.


In late May, Riot put forward a proposal to acquire Bitfarms at a substantial premium over its current market price. The proposal was rejected by Bitfarms’ board.


Riot then moved to acquire more shares of Bitfarms.


According to the plan, shareholders with a 15% stake in Bitfarms’ shares by Sept. 20 could increase their stake to 20% without board approval.


Behind the fight for control over the company is the departure of former Bitfarms CEO Geoffrey Morphy, who stepped down in May after filing a lawsuit against the firm seeking $27 million in compensation for breach of contract, wrongful dismissal and damages.


Cointelegraph reached out to Bitfarms but did not receive an immediate response.


The companies are both publicly listed on the Nasdaq. Bitfarms (BITF) shares are trading at $2.68 at the time of writing, gaining 0.4% in the day and rising 16.5% over the past 30 days. Riot (RIOT) stocks traded at $9.43, down 2.2% on the day and declining 4.8% since last month.


Magazine:Longevity expert: AI will help us become ‘biologically immortal’ from 2030# Mining# Business# Bitcoin MiningAdd reaction

News Feed

New zero energy storage tech could lead to immortal blockchains
Tristan Greene3 hours agoNew zero energy storage tech could lead to immortal blockchainsToday’s tech allows us to preserve data for thousands of years with zero energy usage, tomorrow’s could ensure Satoshi’s visio
SEC may receive ‘only a fraction’ of Terraform’s settlement
Ana Paula Pereira7 hours agoSEC may receive ‘only a fraction’ of Terraform’s settlementThe U.S. SEC still has to queue up behind secured creditors to receive a payment from Terraform Labs’ multibillion-dollar set
Biggest Movers: XRP Nears 5-Month High to Start the Week, Despite Crypto Market Consolidation
Biggest Movers: XRP Nears 5-Month High to Start the Week, Despite Crypto Market Consolidation Xrp moved back towards a five-month high on Monday, as prices surged for a third stra
Bitcoin Hits 6-Month High In Active Addresses: Is $100K The Next Target?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
SEC pushes back against Terraform’s claims fraud happened outside US
Turner Wright4 hours agoSEC pushes back against Terraform’s claims fraud happened outside USLawyers for the commission cited several examples of Do Kwon touting UST to U.S. investors and Terraform’s former communicat
Best Crypto for 100x Gains as Top Analyst Suggests Crypto Hype Is Not Over
Jamie Coutts, the chief digital asset analyst of Real Vision, says that the current crypto cycle is far from over, considering global liquidity conditions. Coutts drew a comparison between the global money supply (M2) an
No Room For Bears: Bitcoin Bullish MACD, Monthly Close Fuel Bullish Outlook
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
XRP’s Path To $15: A Look At Historical Price Alignments
Este artículo también está disponible en español. In a technical analysis shared by crypto analyst Bobby A (@Bobby_1111888) on X, the analyst projects that XRP will poten
Bitcoin price hits $64K as traders anticipate new all-time high before halving
Horus Hughes6 hours agoBitcoin price hits $64K as traders anticipate new all-time high before halvingBitcoin price continues its parabolic rally with a swift move to $64,000. Is a new all-time high the next stop?6627 Tot
3 signs that Bitcoin’s Q3 close was bullish
William Suberg10 hours ago3 signs that Bitcoin’s Q3 close was bullishBitcoin may not be embracing “Uptober” with a bang, but there are plenty of reasons to be bullish on BTC price performance.2966 Total views5 Tota
Can crypto traders out-predict Wall Street on Coinbase Q1 earnings?
Ciaran Lyons57 minutes agoCan crypto traders out-predict Wall Street on Coinbase Q1 earnings?Coinbase has surpassed EPS estimates for the last four quarters, and crypto analysts expect this trend to continue next week.27
TRUMP Token Tops XRP In Trading Volume Despite Sharp Decline
Este artículo también está disponible en español. A surprising twist within the crypto market has seen TRUMP token trading volume surpass XRP, with a massive price correc