Bitfarms Reveals New CEO as Riots Launches Campaign Against Company’s Board

Bitfarms Reveals New CEO as Riots Launches Campaign Against Company’s Board

Bitfarms Names Ben Gagnon as New CEO

According to an announcement released on July 8th, Bitfarms has a new leader. The Bitcoin mining company revealed Ben Gagnon as the new CEO after working as chief mining officer for four years.

On the day of the announcement, Riot Platforms, a mining firm that holds majority shares in Bitfarms, launched a new website to campaign for a special shareholder meeting to make changes in the board of directors at Bitfarms.

Last month, Riot Platforms proposed three candidates to replace Bitfarms’ directors. They include Amy Freedman, Ralph Goerhring, and Jon Delaney. The miner is campaigning for the removal of two Bitfarms directors, Andres Finkielsztain and Nicolas Bonta. Riot Platforms argues that the two lack the required skills to run Bitfarms.

Bitfarms Rejects Riot Platforms’s Bid

The latest campaign by Riot Platforms comes a few weeks after the company’s bid was rejected by Bitfarms. On May 28th, Riot Platforms announced that it had submitted a bid to purchase Bitfarms, but the proposal was declined.

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Following the bid rejection, Riot Platforms embarked on buying more Bitfarms shares, raising its stake to 15% and becoming the largest shareholder. The Bitcoin miner recently said it planned to increase its stake in Bitfarms to 20% by September 2024.

Meanwhile, Gagnon is replacing Geoffrey Morphy, who was forced to step down in early May. Following his dismissal, the former Bitfarms CEO filed a lawsuit against the mining company, seeking compensation of $27 million for damages and breach of contract.

In response to the lawsuit, Bitfarms’ Chairman Nicolas Bonta said that Morphy’s accusations lacked merit and that Bitfarms was prepared to defend itself in court. Before leaving office, Morphy had been in the realm of Bitfarms since 2020.

Bitfarms’ Stock Grows 0.8% Following the Appointment of New CEO

The news regarding the new CEO appointment has helped Bitfarms’ stock BITF rally in the past 24 hours. According to data from Nasdaq, BITF is trading at $2.71 after surging 0.8%. The stock is up 15.9% in the last 30 days, while Riot Platforms’ stock RIOT has dropped 2.1% today to trade at $9.41. It is down 4.7% in the past 30 days.

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Michael Varney
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Michael Varney

Michael Varney, a distinguished name in crypto journalism, offers deep insights into the world of blockchain. Merging meticulous research with eloquent prose, Michael's articles decode the complexities of digital currencies, establishing him as an indispensable source for those keen on understanding the evolving crypto landscape.

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