Bitcoin mining company Riot sells 6.5 million shares of Bitfarms, reducing its stake to 13.4%

According to ChainCatcher news, as reported by The Miner Mag, Bitcoin mining company Riot Platforms has continued to sell its shares in competitor Bitfarms since June 7, with an additional sale of 6.5 million shares, generating a total revenue of 5.67 million dollars. According to disclosures from the U.S. Securities and Exchange Commission (SEC), the average selling price of the latest batch of shares was 0.85 dollars per share. This sale follows a round of liquidation from May 27 to June 6, during which Riot sold 8.85 million shares at an average price of 0.97 dollars per share. Since the end of May, the company has sold a total of 15.36 million shares of Bitfarms, generating approximately 14.2 million dollars.

Despite the ongoing reduction, Riot remains one of the largest shareholders of Bitfarms. As of June 20, it still holds 13.4% of the company's outstanding shares, down from over 14% before the latest sale. Riot initially built its position in Bitfarms during a failed acquisition attempt in 2024, accumulating approximately 90 million shares at a weighted average cost of 2.24 dollars per share. The recent sale represents only a small portion of that position but was conducted at a price far below Riot's original purchase price, highlighting the financial losses associated with the strategic retreat.