[SCHEDULE 13D/A] Bitfarms Ltd. SEC Filing

Rhea-AI Filing Summary

Riot Platforms, Inc. (RIOT) filed Amendment No. 20 to its Schedule 13D regarding its ownership of Bitfarms Ltd. (BITF) common shares. As of the event date 07/21/2025, Riot reports 46,421,327 BITF shares held with sole voting and dispositive power. Based on the issuer’s 557,548,857 shares outstanding (per BITF press release of 07/22/2025), Riot’s stake equals 8.3 % of the outstanding class.

The amendment notes that Riot has sold additional Bitfarms shares since its prior filing; specific trade details are contained in Schedule A (not included in the excerpt). Aside from the updated share count, all other provisions of the original Schedule 13D (first filed 05/28/2024 and subsequently amended 19 times) remain unchanged. Riot continues to be organized in Nevada and funded its purchases with working capital (Item 4 – “WC”).

Key take-aways for investors:

• Riot still holds a meaningful minority position in Bitfarms, maintaining influence through voting power.
• Ongoing sales indicate reduced ownership momentum, potentially easing takeover speculation but posing a share-sale overhang.
• No legal proceedings, joint group status, or new exhibit materials beyond trade Schedule A were disclosed.

Positive

• Riot retains a sizable 8.3 % stake, ensuring continued institutional interest in Bitfarms and potential strategic collaboration.

Negative

• Riot has sold additional shares since the prior filing, indicating decreased accumulation appetite and introducing ongoing supply to the market.

Insights

Equity Research Analyst

TL;DR: Riot trims Bitfarms stake to 8.3%, signalling less aggressive accumulation—marginally negative for BITF share supply/dynamics.

The amended 13D shows Riot now owns 46.4 m BITF shares versus the 557.5 m float, down from double-digit levels earlier in 2025 (specific prior figure not in this excerpt but implied by sequential amendments). Riot retains sole voting/dispositive control, so influence persists, yet continued divestiture reduces the likelihood of a full takeover bid. For Bitfarms shareholders this means less potential strategic premium while a steady seller could cap short-term price action. Impact: modestly negative.

Corporate Governance Specialist

TL;DR: Filing mainly updates ownership; no governance red flags, influence remains with 8.3% block.

Riot’s disclosure satisfies Section 13(d) obligations, with clean certification by CFO Colin Yee. No group affiliations or litigation are reported, and funding source remains internal working capital, reducing conflict-of-interest risks. While sales lessen potential control challenges, Riot’s 8.3% position still commands board-level attention, especially during shareholder votes. Overall governance impact is neutral.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 20)

Bitfarms Ltd.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

09173B107

(CUSIP Number)

Riot Platforms, Inc.
3855 Ambrosia Street, Suite 301,
Castle Rock, CO, 80109
303-794-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/21/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 09173B107

1

Name of reporting person

Riot Platforms, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 46,421,327.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 46,421,327.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

46,421,327.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.3 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares
(b)	Name of Issuer: Bitfarms Ltd.
(c)	Address of Issuer's Principal Executive Offices: 110 YONGE STREET, SUITE 1601, TORONTO, ONTARIO, CANADA , M5C 1T4.
Item 1 Comment: This Amendment No. 20 to Schedule 13D ("Amendment No. 20") relates to the Schedule 13D filed on May 28, 2024 (as amended by Amendment No. 1, dated May 29, 2024, Amendment No. 2, dated June 4, 2024, Amendment No. 3 dated June 5, 2024, Amendment No. 4 dated June 12, 2024, Amendment No. 5 dated June 13, 2024, Amendment No. 6 dated June 24, 2024, Amendment No. 7 dated July 31, 2024, Amendment No. 8 dated August 5, 2024, Amendment No. 9 dated August 9, 2024, Amendment No. 10 dated August 14, 2024, Amendment No. 11 dated August 21, 2024, Amendment No. 12 dated September 5, 2024, Amendment No. 13 dated September 23, 2024, Amendment No. 14 dated April 9, 2025, Amendment No. 15 dated June 6, 2025, Amendment No. 16 dated June 20, 2025, Amendment No. 17 dated July 1, 2025, Amendment No. 18 dated July 8, 2025 and Amendment No. 19 dated July 16, 2025, the "Schedule 13D") by Riot Platforms, Inc., a Nevada corporation (the "Reporting Person"), relating to the Common Shares, no par value per share (the "Common Shares"), of Bitfarms Ltd., a corporation incorporated under the Canada Business Corporations Act and continued under the Business Corporations Act (Ontario) (the "Company"), whose principal executive offices are located at 110 Yonge Street, Suite 1601, Toronto, Ontario, M5C 1T4. Except as specifically amended by this Amendment No. 20, the Schedule 13D is unchanged.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) and (b) of the Schedule 13D is hereby amended and restated to read in full as follows: The aggregate number and percentage of the Common Shares that are beneficially owned by the Reporting Person and as to which the Reporting Person has sole voting power, shared voting power, sole dispositive power and shared dispositive power are set forth on the cover page of this Statement, and such information is incorporated herein by reference. The percentage used herein is calculated based on an aggregate of 557,548,857 Common Shares outstanding, based on the information contained in the Company's press release, filed on SEDAR+ on July 22, 2025.
(b)	The information in Item 5(a) of this Amendment No. 20 is incorporated herein by reference.
(c)	Information concerning the Common Shares sold by the Reporting Person since the Reporting Person's last filing on Schedule 13D is set forth in Schedule A hereto and is incorporated herein by reference. Except as described in this Amendment No. 20, none of the Reporting Person nor any director or officer of the Reporting Person has effected any transactions in the Common Shares since the Reporting Person's last filing on Schedule 13D.
(d)	Not applicable.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1: Schedule A to Item 5 of this Amendment No. 20

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Riot Platforms, Inc.

Signature:	/s/ Colin Yee
Name/Title:	Colin Yee/Chief Financial Officer
Date:	07/23/2025

FAQ

How many Bitfarms (BITF) shares does Riot Platforms currently own?

Riot reports ownership of 46,421,327 common shares, all with sole voting and dispositive power.

What percentage of Bitfarms’ outstanding shares does this represent?

The holding equals 8.3 % of Bitfarms’ 557,548,857 shares outstanding.

Did Riot Platforms buy or sell Bitfarms shares in this amendment?

The filing states Riot sold shares since its last Schedule 13D; trade details are in Exhibit 99.1 (Schedule A).

Does Riot act with any other shareholders as a group?

No. The box for group membership (Item 2) remains unchecked, indicating no group arrangement.

What funding source did Riot use for its Bitfarms stake?

Item 4 lists WC (working capital) as the source of funds.

Who signed the Schedule 13D/A for Riot Platforms?

The amendment was signed by Colin Yee, Chief Financial Officer, on 07/23/2025.