Andrés Finkielsztain has agreed to step down from the board, to be replaced by Riot nominee and former Kingsdale Advisors CEO Amy Freedman. The Toronto-based Bitcoin miner will ask shareholders to elect a sixth independent director at a Nov. 6 meeting. (The Logic)
Talking point: The agreement brings a months-long dispute between Bitfarms and Riot to a close. Riot has been steadily increasing its stake in Bitfarms over recent months and campaigning for board changes, after Bitfarms rejected its US$950-million takeover bid. Co-founders Emiliano Grodzki and Nicolas Bonta had previously resigned, but Riot issued a letter to shareholders earlier this month calling for Finkielsztain to step down as well, blaming him for “Bitfarms’ botched CEO succession process that led to it having five CEOs in five years.” Bitfarms has previously accused Riot of exaggerating its corporate governance concerns to acquire the company “at a discounted price.”