In September 2024, Riot Platforms Inc. reached a settlement agreement with Bitfarms Ltd. in connection with Riot’s strategic pursuit of change at Bitfarms, including its shareholder meeting requisition and successful challenge to Bitfarms' 15 percent trigger poison pill at the Ontario Capital Markets Tribunal, which culminated in the parties entering into a settlement agreement and Riot's director nominee being appointed to Bitfarms' board.
Riot is a U.S.-based Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy, with operations in Texas, Kentucky and Colorado. Bitfarms is a Canadian Bitcoin mining company that operates integrated bitcoin data centers in Canada, the United States, Paraguay and Argentina.
Davies Ward Phillips & Vineberg LLP represented Riot with a team that included Aaron Atkinson, Zain Rizvi, Andrew Mihalik, Ghaith Sibai, Zach Hershenfeld and Matthew Auvinen (Public M&A); and Kent Thomson, Chantelle Cseh, Chenyang Li and Henry Machum (Litigation).
Peterson McVicar LLP and Skadden Arps Slate Meagher & Flom LLP represented Bitfarms in Canada and the United States respectively.
McMillan LLP was Canadian counsel to the Special Committee of Bitfarms.