What's Going On With Bitcoin Mining Stock Riot Platforms Thursday?
Portfolio Pulse from Adam Eckert
Riot Platforms Inc (NASDAQ:RIOT) shares are trading lower after the company announced that the Ontario Capital Markets Tribunal has ceased trading Bitfarms Ltd’s (NASDAQ:BITF) poison pill. Riot also announced the acquisition of Block Mining for $92.5 million, adding significant operational capacity. Multiple analysts have reiterated their ratings and price targets for Riot, which is expected to report a loss in its upcoming financial results.
July 25, 2024 | 2:57 pm
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NEUTRAL IMPACT
Riot Platforms shares are trading lower after the Ontario Capital Markets Tribunal ceased trading Bitfarms' poison pill. Riot also announced the acquisition of Block Mining for $92.5 million, adding significant operational capacity. Analysts have reiterated their positive ratings, and Riot is expected to report a loss in its upcoming financial results.
The news about the Ontario Tribunal ceasing Bitfarms' poison pill is a legal win for Riot, but the market reaction is negative. The acquisition of Block Mining is a positive development, but the upcoming earnings report, expected to show a loss, adds uncertainty.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Bitfarms Ltd's poison pill has been ceased by the Ontario Capital Markets Tribunal following an application by Riot Platforms. This ruling is seen as a win for Bitfarms shareholders and highlights issues with Bitfarms' corporate governance.
The cessation of Bitfarms' poison pill by the Ontario Tribunal is a negative development for Bitfarms, as it highlights corporate governance issues and could lead to further instability.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80