Crypto Giants Unite: Riot's $75M Bitfarms Investment Signals Mining Sector Consolidation

Rhea-AI Filing Summary

Riot Platforms has filed Amendment No. 16 to their Schedule 13D regarding their ownership position in Bitfarms Ltd. The filing discloses that Riot beneficially owns 74,748,156 common shares, representing 13.4% of Bitfarms' outstanding shares (based on 555,961,590 total shares outstanding).

Key ownership details:

• Sole Voting Power: 55,040,197 shares (limited by irrevocable proxy)
• Shared Voting Power: 0 shares
• Sole Dispositive Power: 74,748,156 shares
• Shared Dispositive Power: 0 shares

Due to an existing irrevocable proxy agreement with Bitfarms, Riot's actual voting power is capped at 9.9% of total voting power (approximately 55,040,197 shares). This proxy grants Bitfarms or its designees voting rights for any shares exceeding the 9.9% threshold.

Positive

• None.

Negative

• Riot Platforms reduced its ownership stake in Bitfarms to 13.4% of outstanding shares, maintaining voting power of only 9.9% due to proxy limitations
• The decreased ownership position suggests potential reduced strategic alignment between Riot Platforms and Bitfarms

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 16)

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)

06/18/2025

(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 55,040,197.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 74,748,156.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

74,748,156.00

12

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

13

Percent of class represented by amount in Row (11)

13.4 %

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. 16 to Schedule 13D ("Amendment No. 16") 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 and Amendment No. 15 dated June 6, 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. 16, 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 555,961,590 Common Shares outstanding, based on the information contained in the Company's management information circular, filed on SEDAR+ on June 9, 2025. As previously described in the Schedule 13D, the Reporting Person has granted to the Company and any of its designees an irrevocable proxy with respect to any Common Shares the voting power of which represents in excess of 9.9% of the total voting power of all securities of the Company entitled to vote for the election of directors of the Company from time to time outstanding. As a result of such proxy, the Reporting Person currently exercises voting power over approximately 55,040,197, or approximately 9.9%, of the outstanding Common Shares.
(b)	The information in Item 5(a) of this Amendment No. 16 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. 16, 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. 16

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:	06/20/2025

FAQ

What percentage of Bitfarms (BITF) does Riot Platforms currently own?

According to the Schedule 13D/A filing, Riot Platforms beneficially owns 74,748,156 Common Shares, representing approximately 13.4% of Bitfarms' outstanding shares, based on 555,961,590 Common Shares outstanding as of June 9, 2025.

How many BITF shares does Riot Platforms have voting power over?

Due to an irrevocable proxy agreement, Riot Platforms exercises voting power over approximately 55,040,197 shares, or 9.9% of outstanding Common Shares. This is because Riot has granted the Company a proxy for any voting power that exceeds 9.9% of total voting power.

When did Riot Platforms first file its Schedule 13D for BITF ownership?

Riot Platforms initially filed its Schedule 13D for Bitfarms ownership on May 28, 2024. This current filing represents Amendment No. 16 to that original Schedule 13D filing.

What is the breakdown of Riot's voting and dispositive power over BITF shares?

According to the filing, Riot has sole voting power over 55,040,197 shares, shared voting power over 0 shares, sole dispositive power over 74,748,156 shares, and shared dispositive power over 0 shares.

What triggered this new Schedule 13D/A filing for BITF?

This Schedule 13D/A (Amendment No. 16) was triggered by an event that occurred on June 18, 2025. The filing includes information about share transactions detailed in Schedule A (which is referenced but not visible in the provided content).