Riot Platforms Sells 6.5 Million Bitfarms Shares, Reducing Stake to 13.4%

Since June 7, Bitcoin mining company Riot Platforms has continued to sell its shares in rival Bitfarms, offloading an additional 6.5 million shares for a total of $5.67 million. According to disclosures from the U.S. Securities and Exchange Commission (SEC), the latest batch of shares was sold at an average price of $0.85 per share. This sale follows a previous round of liquidation between May 27 and June 6, during which Riot sold 8.85 million shares at an average price of $0.97 per share. Since the end of May, the company has sold a total of 15.36 million Bitfarms shares, generating approximately $14.2 million in revenue. Despite the ongoing sell-off, Riot remains one of Bitfarms' largest shareholders. As of June 20, it still held 13.4% of the company's outstanding shares, down from over 14% prior to the latest sale. Riot originally built its position in Bitfarms during a failed acquisition attempt in 2024, accumulating around 90 million shares at a weighted average cost of $2.24 per share. The recent sales represent only a small portion of that position, but were executed at prices far below Riot's original purchase price, highlighting the financial losses associated with this strategic retreat.