Ex-Bitfarms interim CEO steps down amid board shakeup

Nicolas Bonta, who worked as the interim president and CEO of Canadian crypto mining firm Bitfarms, will step down from the company board. 

In an Aug. 13 notice, Bitfarms announced the appointment of a new board member amid Riot Platforms’ attempted takeover. According to the mining firm, CEO Ben Gagnon will join the board, while lead director Brian Howlett will become the independent chairman. 

Bonta, who stepped in as interim president and CEO in May until Gagnon was appointed in July, “decided to step down” from the board. The shakeup in leadership did not appear to be connected to Riot’s attempted takeover of the mining firm, which has been ongoing for months. 

Riot taking control?

In May, Riot offered to acquire Bitfarms for $950 million and began increasing its stake in the mining firm. Bitfarms implemented a ‘poison pill’ strategy to cap Riot’s holdings at 15%, a move that Canadian regulators later blocked. 

Related: Bitcoin miners record lowest daily revenue of 2024

As of July 29, Riot reported it owned 16.9% of Bitfarms’ common shares and intended to replace three board members, including Bonta, at a company shareholder meeting. The shareholders are scheduled to meet on Oct. 29. 

Bitfarms reported in its second-quarter 2024 earnings that its stock rose roughly 22%, mining 614 Bitcoin (BTC) worth $37 million. Cointelegraph contacted the mining firm for comment but did not receive a response at the time of publication.

Magazine: How Chinese traders and miners get around China’s crypto ban