By Robb M. Stewart

Riot Platforms has dropped its bid to buy Bitfarms but continues to push for a shakeup of the Bitcoin miner with a call to bring in new independent directors.

Riot, which has built up a nearly 15% stake in Bitfarms, said Monday it has withdrawn its rejected proposal to buy the company but stands ready to engage with a reconstituted Bitfarms board regarding a potential transaction.

The Nevada Bitcoin mining and infrastructure company said it has requisitioned a special meeting of Bitfarms shareholders and is seeking a vote on the removal of Bitfarms Chairman and Interim Chief Executive Nicolas Bonta and director Andres Finkielsztain and anyone who fills a board vacancy created by the resignation of co-founder Emiliano Grodzki.

Riot, Bitfarms' largest shareholders, has nominated as directors John Delaney, Amy Freedman and Ralph Goehring, who it said are independent of either company.

Riot said it continues to believe that a combination with Bitfarms would create a premier and the largest publicly listed Bitcoin miner globally, but that engaging with the incumbent Bitfarms board on a potential deal wasn't possible. As a result, it said it informed the Bitfarms board that it has formally withdrawn its previous offer to buy all Bitfarms' shares at $2.30 each.

In late May, Bitfarms said it was looking at other approaches and alternatives after rejecting a takeover bid from Riot as too low. At the time it said its search for a new chief executive remained on track and it continued with its expansion and upgrade of its mining fleet.

Write to Robb M. Stewart at

(END) Dow Jones Newswires

06-24-24 0929ET