Riot Platforms, Inc. issues early warning report on…

On April 7, 2025, Riot Platforms, Inc. (NASDAQ: RIOT) released a press statement based on Canadian regulations regarding the Early Warning System and Related Take-Over Bid concerning Bitfarms Ltd. (NASDAQ/TSX: BITF). Riot issued a waiver and irrevocable proxy to Bitfarms, relinquishing its rights under the Settlement Agreement of September 23, 2024. This waiver includes several sections of the Settlement Agreement, such as the right to appoint a Board member, the composition of the Board, the nomination of an individual to the Board, removal of the Riot Nominee, and certain pre-emptive rights.

Following the delivery of the Waiver and Irrevocable Proxy, Riot now exercises voting power over approximately 9.9% of the outstanding Common Shares of Bitfarms, totaling about 54,810,793 shares. The proxy granted to Bitfarms for voting is only applicable when the Subject Securities exceed 9.9% of the total voting power of all securities. The proxy will cease when the Subject Securities fall below this threshold. Full details are available under Bitfarms’ profile on SEDAR+, along with Riot’s forthcoming early warning report as per Canadian securities laws.

Before and after the delivery of the Waiver and Irrevocable Proxy, Riot beneficially owned 90,110,912 Common Shares, equivalent to around 16.3% of Bitfarms’ issued Common Shares. Riot plans to monitor its investment in Bitfarms continuously and, based on various factors such as financial discussions, market conditions, and available investment opportunities, may adjust its position in the company. This adjustment could include purchasing or selling company securities, increasing or hedging economic exposure without affecting beneficial ownership, or proposing strategic actions outlined in Riot’s early warning report.

It is essential to note that this press release should not be interpreted as an offer to purchase or sell any of Bitfarms’ securities. Riot will adhere to applicable securities laws by filing an Early Warning Report, which will be accessible under Bitfarms’ profile on www.sedarplus.ca. Stay informed about developments related to Riot Platforms, Inc., and Bitfarms Ltd. by referring to the official profiles on relevant financial platforms.