Riot Platforms agrees to limit its voting rights in Bitfarms to 9.9%

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According to Foresight News and The Block, Riot Platforms has agreed to limit its voting rights in Bitfarms to 9.9% and transfer the remaining voting rights to Bitfarms through an irrevocable proxy, which may ease the acquisition dispute. An irrevocable proxy is a legal agreement in which a shareholder grants voting rights to a proxy for a specific period, and the shareholder cannot revoke this authorization during that period.

Riot Platforms' acquisition of Bitfarms began nearly a year ago and reached a settlement agreement in September this year. According to the agreement, Riot is not allowed to acquire more than 20% of Bitfarms' shares without prior board approval.

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