news 
Riot Platforms Issues Waiver and Proxy in Bitfarms Agreement
In a significant move, Riot Platforms, Inc., a prominent player in the Bitcoin mining and digital infrastructure sector, has issued a waiver and irrevocable proxy regarding its agreement with Bitfarms Ltd. This adjustment to their ongoing relationship comes as part of Canadian National Instrument 62-103 and 62-104 regulations.
The waiver and proxy were delivered on April 7, 2025, effectively releasing certain rights under the September 2024 Settlement Agreement with Bitfarms. Specifically, Riot Platforms relinquished its appointment and removal powers regarding a nominee to be placed on the Bitfarms Board of Directors, as well as pre-emptive rights previously granted.
In exchange for this waiver, Riot Platforms has provided an irrevocable proxy that grants Bitfarms the authority to vote on behalf of Riot Platforms with respect to securities representing over 9.9% of voting power. This proxy will remain in effect until Riot’s voting power drops below this threshold, at which point it will automatically terminate.
Despite this adjustment, Riot Platforms remains a significant shareholder of Bitfarms, holding approximately 90,110,912 common shares, equivalent to roughly 16.3% of the total issued shares. The company has emphasized its continued commitment to reviewing and adjusting its investment strategy with regards to Bitfarms, taking into account market conditions, company performance, and strategic opportunities.
As a result of this development, Riot Platforms’ shareholders may witness changes in their holdings as it explores future options. This could involve the purchase or sale of shares, exploration of strategic proposals, or other adjustments aligned with the terms of the Settlement Agreement.
The move is seen as a significant step forward for both parties, solidifying their ongoing collaboration while maintaining flexibility in their respective investment approaches.
Source: https://Blockchain.News/news/riot-platforms-issues-waiver-proxy-bitfarms-agreement
