Crypto Firms Bitfarms and Riot Platforms Reach an Agreement

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A joint settlement agreement has been reached between rival Bitcoin mining companies, Riot Platforms and Bitfarms, effectively ending Riot’s attempted hostile takeover.

As part of the agreement, Bitfarms co-founder Andres Finkielsztain has stepped down from the board, and Riot’s proposed independent director Amy Freedman will take his place.

Riot has also agreed to withdraw its amended requisition and adhere to certain standstill provisions until Bitfarms’ 2026 annual meeting, with exceptions.

The companies have reached an agreement to nominate an additional independent director and vote on Bitfarms’ shareholder rights plan, which Riot has promised to vote in favor of.

The special meeting of Bitfarms shareholders planned for Nov. 6 may be delayed as a result, but will still be held virtually and is not to be held any later than Nov. 20.