CoinWorld reported:
After months of controversy, Bitcoin miner Bitfarms and Riot Platforms have resolved their differences, leading to changes in the former’s board of directors. In a settlement agreement announced on September 23, Andrés Finkielsztain resigned from the Bitfarms board.
Board Restructuring
Finkielsztain’s departure paves the way for Amy Freedman’s appointment, who is reportedly set to join the Governance and Nominating Committee as well as the Compensation Committee. According to the company, this move reflects Bitfarms’ strategy to refresh its leadership team with diverse perspectives and expertise.
Additionally, the settlement includes a provision that prohibits Riot from taking further hostile actions against Bitfarms until the 2026 annual meeting. This arrangement means that Riot, which holds a significant stake in Bitfarms, will not increase its ownership above the stipulated threshold nor propose any additional board changes during the transition period.
We are pleased to announce that #Bitfarms has entered into a final settlement agreement with @RiotPlatforms. For more details, please see the full version here: https://t.co/U5H6EMxgf7 #Bitcoin #BitcoinMining #BITF pic.twitter.com/EJYfCxD2RA
— Bitfarms (@Bitfarms_io) September 23, 2024
Commenting on the agreement, Ben Gagnon, CEO of Bitfarms, stated, “We are pleased to reach this agreement with Riot and look forward to focusing all our attention on executing our growth strategy. We remain committed to diversifying our business beyond Bitcoin.”
While some may still wonder what Bitcoin is, who created it, or how it works, one thing is certain: Bitcoin has changed the world. No one can remain indifferent to this revolutionary, decentralized digital asset and its blockchain technology. In fact, we have come a long way since Florida resident Laszlo Hanyecz completed the first official commercial transaction with BTC by exchanging 10,000 bitcoins for two pizzas at a local Papa John’s.
Bitfarms is looking at growth strategies, exploring exciting and synergistic new areas such as energy production, energy trading, heat recovery, and other high-value revenue sources like HPC/AI.
Reportedly, at the upcoming special shareholders meeting, Bitfarms will propose to expand the number of board members from five to six. Shareholders will also vote on the nomination of independent directors to fill this newly established position.
Bitfarms also expressed confidence that the agreement could strengthen strategic oversight. It acknowledged Finkielsztain’s contributions during his tenure and welcomed Freedman’s experience in public company consulting.
Earlier this month, Bitfarms rejected Riot’s claims regarding hostile takeover attempts. The former accused the latter of attempting to undermine the company for its own benefit. Amid the escalating conflict between the two mining giants, Bitfarms issued a public statement to address Riot’s “misleading statements” regarding a dispute in which Riot sought to acquire Bitfarms at what it described as a discounted price. Bitfarms pointed out that the proposal only served Riot’s interests. Furthermore, Bitfarms noted that Riot refused to engage in meaningful negotiations, did not sign a confidentiality agreement, or provide counterproposals.
