🌎 Bitfarms Announces Leadership Changes Amid Regulatory Challenges

Bitcoin mining firm Bitfarms has announced significant leadership changes as it faces regulatory challenges and a recent takeover bid.

The Canadian public Bitcoin mining firm, Bitfarms, has disclosed updates to its board of directors and executive team. These changes come as the company navigates ongoing regulatory issues and a takeover bid from a U.S. competitor.

In an August 13 announcement, the Toronto-headquartered firm revealed that Ben Gagnon, currently serving as its CEO, has been appointed to the board of directors, effective immediately. Additionally, Brian Howlett, Bitfarms’ lead director, has been named independent chairman of the board, succeeding Nicolas Bonta, who co-founded Bitfarms and guided its expansion.

Following this appointment, Bonta has decided to step down from the board, effective immediately. The board will now consist of five members, with four being independent.

Bitfarms Appoints New COO

Amid the team reorganization, Bitfarms announced the appointment of Liam Wilson as Chief Operating Officer, effective August 26. Wilson, with over 20 years of experience, will play a crucial role in developing and refining operational procedures and systems aimed at improving efficiencies.

The leadership updates come amid recent regulatory developments. The Ontario Capital Markets Tribunal recently nullified Bitfarms’ initial “poison pill” shareholder rights plan, which was implemented in response to a takeover bid from Riot Platforms.

Riot Platforms’ CEO Jason Les criticized the plan, labeling it as flawed corporate governance. In response, Bitfarms has introduced a new rights plan designed to protect against gradual acquisition attempts and ensure equitable treatment of shareholders.

Earlier this year, Riot Platforms proposed a $950 million acquisition of Bitfarms. However, the offer was withdrawn following unsuccessful merger discussions with Bitfarms’ board.