A BETTER BITFARMS
It’s time To fix Bitfarms' broken corporate governance.

New, independent perspectives are needed on the Bitfarms Board to evaluate the best path forward for shareholders.

The incumbent Board is founder-driven and has lost credibility among shareholders. It should not be trusted to set and guide the Company’s priorities moving forward.

LET'S MAKE A CHANGE

Riot has requisitioned a Special Meeting to allow Bitfarms shareholders the chance to elect three highly qualified director candidates to the Bitfarms Board, who will make repairing Bitfarms’ broken corporate governance and maximizing value for all Bitfarms shareholders their top priorities.

THE PATH FORWARD

We believe that only by reconstituting the Bitfarms Board can shareholders be assured of a fair strategic alternatives process.

Botched CEO Succession: 5 Bitfarms CEOs

Botched CEO Succession: 5 Bitfarms CEOs

in the last five years

Entrenchment Maneuvers: 15% Poison Pill trigger

Entrenchment Maneuvers: 15% Poison Pill trigger

well below the customary 20% threshold

No credible strategic alternatives process; ~13 months of attempting to engage

No credible strategic alternatives process; ~13 months of attempting to engage

with Bitfarms regarding a potential combination of Bitfarms and Riot

Independent Perspectives

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Also, he [Jason Les] believes, and I wholeheartedly agree, that corporate governance changes are needed at Bitfarms ASAP.

May 28, 2024

Bitfarms recently had an abrupt CEO change, with governance questions raised by the terminated CEO against the company founders. Bitfarms share price is down 48% in last 3 months, been flattish since the CEO termination in May.

May 28, 2024

BITF has also struggled from a corporate governance perspective as its previous CEO’s exit was accelerated into a termination, with the CEO then bringing a ~$27M breach of contract lawsuit against BITF.

May 28, 2024