Bitfarms reaches agreement with Riot, Freedman appointed to board

Bitfarms also said on Monday it had provided Riot with certain rights to purchase shares of the company, provided Riot holds a stake of 15% or more (representative image)

Bitcoin miner Bitfarms said on September 23 it had entered into a settlement agreement with rival and top shareholder Riot Platforms, under which Amy Freedman was appointed to its board.

Freedman, a former investment banker who has helped companies with corporate governance matters, will replace Andrés Finkielsztain on the Bitfarms board, and was one of three nominees pushed by Riot.

The two companies have been locked in a dispute since April, when Riot made an unsolicited $950 million offer to acquire the Canada-based company.

Bitfarms said the bid undervalued it and adopted a poison pill to fend off any attempts at a hostile takeover.

Riot has accused Bitfarms of lacking solid corporate governance. It currently owns a roughly 19.9 percent stake in Bitfarms.

Bitfarms also said on Monday it had provided Riot with certain rights to purchase shares of the company, provided Riot holds a stake of 15 percent or more.