Bitcoin mining company Riot sells 6.5 million Bitfarms shares, reducing its stake to 13.4%

According to the Odaily report, Bitcoin mining company Riot Platforms has continued to sell its shares in competitor Bitfarms since June 7, selling an additional 6.5 million shares for a total revenue of $5.67 million. Based on the SEC disclosure, the average selling price for the latest batch of shares was $0.85 per share. This sale followed a liquidation period from May 27 to June 6, during which Riot sold 8.85 million shares at an average price of $0.97 per share. Since late May, the company has sold a total of 15.36 million Bitfarms shares, generating approximately $14.2 million in revenue. Despite the ongoing sales, Riot remains one of Bitfarms' largest shareholders. As of June 20, it still held 13.4% of the company's circulating shares, down from over 14% before the latest sale.