Bitcoin Miner Riot Unloads Another 6.5M Bitfarms Shares, Cutting Stake to 13.4%
Riot Platforms (NASDAQ: RIOT) has continued to unwind its stake in rival Bitcoin miner Bitfarms, selling an additional 6.5 million shares since June 7 for total proceeds of $5.67 million.
According to SEC disclosures reviewed by TheEnergyMag, the latest tranche was sold at an average price of $0.85 per share. The sale follows an earlier round of liquidation between May 27 and June 6, during which Riot offloaded 8.85 million shares at an average price of $0.97.
In total, the company has sold 15.36 million Bitfarms shares since late May, bringing in about $14.2 million. Despite the continued divestment, Riot remains one of Bitfarms’ largest shareholders. As of June 20, it still holds 13.4% of the company’s outstanding shares, down from a peak of over 14% before the latest sales.
Riot initially built its position in Bitfarms during a failed takeover attempt in 2024, amassing around 90 million shares at a weighted average cost of $2.24 per share. The recent sales represent only a fraction of that stake but were conducted at a steep discount to Riot’s original purchase price, highlighting the financial loss associated with the strategic retreat.
The two companies reached a settlement last year that allowed Riot to retain its equity stake while Bitfarms remained independent. Since then, Riot has signaled a shift away from the confrontation, and its recent moves in the open market suggest a broader effort to reallocate capital.
