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Bitfarms Implements Shareholder Rights Plan Amid Riot Platforms’ Hostile Takeover Attempt | IDOs News

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Bitfarms Ltd. (Nasdaq/TSX: BITF), a global Bitcoin mining company, has announced the adoption of a shareholder rights plan, according to a recent press release. This strategic move comes as a response to an unsolicited takeover bid by Riot Platforms, Inc. and aims to protect the interests of Bitfarms’ shareholders.

Shareholder Rights Plan

The Board of Directors of Bitfarms unanimously approved the adoption of the shareholder rights plan (“Rights Plan”) on June 10, 2024. The plan was implemented to preserve the integrity of the company’s strategic alternatives review process, which is currently being conducted by a special committee of independent directors. The review process is considering various options, including continuing to execute the company’s business plan, a business combination, or a potential sale of the company.

Riot Platforms has been actively increasing its stake in Bitfarms, currently holding 47,830,440 common shares, representing 11.62% of the company’s outstanding voting securities. Despite an initial proposal to acquire all outstanding shares, which was rejected for undervaluing the company, Riot has continued to acquire additional shares, raising concerns among Bitfarms’ board members.

Response to Riot’s Actions

Riot’s actions have prompted Bitfarms to adopt the Rights Plan to ensure that the Board has sufficient time to explore and negotiate alternative strategies that could provide better value for shareholders. The plan prevents any shareholder from acquiring 15% or more of Bitfarms’ common shares without triggering the rights, which would allow other shareholders to purchase additional shares at a significant discount.

The Rights Plan does not prevent Riot from making an unsolicited takeover bid in compliance with Canadian securities laws, nor does it restrict Riot from making nominations or soliciting proxies. It is designed to provide a fair opportunity for the Board to consider all alternatives and to maximize shareholder value.

Implementation Details

On June 20, 2024, one right will be issued for each outstanding common share, and each right will become exercisable if any person or group acquires 15% or more of Bitfarms’ common shares before September 10, 2024, or 20% thereafter. The plan will remain effective until it is ratified by shareholders within the next six months.

The adoption of the Rights Plan is also subject to the acceptance of the Toronto Stock Exchange (TSX). The TSX may defer its consideration until it is satisfied that the appropriate securities commission will not intervene. The Board is not aware of any other pending or threatened takeover bids at this time.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global Bitcoin mining company that operates 12 mining facilities across four countries: Canada, the United States, Paraguay, and Argentina. The company focuses on using environmentally friendly hydro-electric power and is committed to sustainable energy practices. Bitfarms develops and manages its facilities in-house, ensuring best-in-class operational performance and uptime.

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TinyTap and Open Campus to Host EDU Denver, a Fusion Event for Education and Web3 Leaders | IDOs News

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Education innovators TinyTap and Open Campus have announced their inaugural event, “EDU Denver,” set to take place on June 24, 2024, from 19:00 to 23:00 MST in Denver, Colorado. This free event aims to bring together leaders in education and Web3 to explore the expansion of a decentralized education ecosystem, according to Animoca Brands.

Event Highlights

EDU Denver promises an evening filled with inspiring talks, hands-on demonstrations, networking opportunities, and entertainment. The event coincides with the prestigious International Society for Technology in Education (ISTE) conference, offering attendees a unique opportunity to blend the latest advancements in classroom and at-home learning with Web3 innovations.

Notable speakers at the event include Yogev Shelly, Vriti Saraf, Amanda Slavin, and Taylor Kendal. The event is sponsored by Ed3DAO, LearningFREQUENCY, Learning Economy Foundation, and CodeMonkey. Drinks and refreshments will be provided, and attendance is free, though prior registration is required.

About the Organizers

TinyTap, a subsidiary of Animoca Brands, is one of the most downloaded kids’ apps globally, featuring over 250,000 interactive lessons created by educators worldwide. Open Campus, a decentralized education protocol, aims to address challenges in the education sector by building robust decentralized infrastructure, including the first layer 3 blockchain built for education – EDU Chain.

Open Campus has already attracted over 100,000 learners and includes more than 80 prestigious educational companies in its alliance, such as BitDegree, CoderSchool, Weeve, and GEMS Education. EDU Denver marks the first in a series of events aimed at expanding this alliance.

Event Details

  • Date: June 24, 2024
  • Time: 19:00 to 23:00 MST (GMT-6)
  • Location: Denver, Colorado
  • Entrance Fee: Free (registration mandatory)

Elie Wiesel, a community contributor to Open Campus, expressed excitement about the event, noting the potential of Web3 to lower barriers in education and make knowledge sharing more collaborative. Yogev Shelly, CEO and Founder of TinyTap, highlighted the effort invested in supporting Open Campus’s vision of a more open and fair education system.

About Open Campus

Open Campus is a community-led protocol designed for educators, content creators, parents, and students. It aims to put learning decisions back into the hands of educators and students, fostering a collaborative environment and opening new revenue streams for effective educators worldwide. More information can be found on their website.

About TinyTap

Founded in 2012, TinyTap, a subsidiary of Animoca Brands, is the world’s largest library of educational games, featuring over 250,000 activities created by educators and publishers. The platform serves more than 11 million registered family members and is among the top 10 grossing kids’ apps worldwide. Further details are available on their website.

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ETF Outflows and Market Pressures: Is a Bottom for Bitcoin (BTC) Near? | IDOs News

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The cryptocurrency market is currently experiencing a state of uncertainty, with Bitcoin (BTC) nearing higher timeframe range lows on daily, weekly, and monthly charts. Additionally, there is a downtrend in lower timeframe charts, ranging from one-minute to 15-minute intervals, according to Bitfinex Alpha.

Market Pressures and ETF Outflows

One of the significant factors contributing to this uncertainty is the substantial supply overhang in the market. This was highlighted by the recent sale of seized BTC by the German government, which has added additional pressure. Other notable sources of overhang include Mt. Gox creditors and Bitcoin miners.

Furthermore, US spot Bitcoin ETFs have been contributing to negative sentiment. Last week alone saw outflows totaling $544.1 million. However, these outflows were primarily linked to basis/funding arbitrage unwinding rather than genuine sentiment towards BTC. Historically, large sell-offs in ETFs often coincide with local bottoms in Bitcoin prices, as noted in previous editions of Bitfinex Alpha.

Volatility and Market Capitalization

The total cryptocurrency market capitalization has also seen a decline. A pattern has emerged where Thursdays and Fridays have become high-volatility days. Last week, the peak-to-trough decline during these days was approximately five percent, which is significant for Bitcoin. Historically, such movements often signal at least a local low, presenting potential buying opportunities for traders.

However, the market remains in a wait-and-watch mode. Near-term scenarios could either see continued pressure from BTC overhang sales or a positive shift in sentiment, possibly sparked by Ethereum ETF approvals, which could renew interest in altcoins.

Macroeconomic Indicators

On the macroeconomic front, the US economy is showing signs of cooling, as reflected in several key economic indicators. The latest Leading Economic Index report indicated declining consumer optimism due to persistent inflation and high interest rates, predicting a slowdown in the third and fourth quarters of 2024. Despite this, the job market is showing signs of stability, with initial jobless claims experiencing a modest decline last week.

Significant strain is also evident in the housing market, with housing starts in May plummeting to their lowest level since June 2020. Despite these challenges, retail sales showed modest but positive growth, suggesting resilience among consumers, although the growth is slower than expected.

The industrial sector remains a bright spot, continuing to grow and potentially stabilizing the overall economy. If the trends of cooling economic growth and inflation persist, the Federal Reserve may consider a rate cut in September.

Future Outlook

Markets are becoming increasingly optimistic about inflation. The Fed’s five-year forward, five-year break-even rate is comfortably at 2.19%, close to the Fed’s two percent target. With jobless claims inching upwards, housing starts slowing, and retail sales growing less quickly, a reduction in interest rates could provide a welcome stimulus for the economy.

In recent crypto news, the German government’s sale of over $195 million worth of Bitcoin contributed to last Friday’s decline in BTC. Leading ETF providers, such as BlackRock, VanEck, and Franklin Templeton, are preparing to launch Ethereum ETFs, which could impact market sentiment positively.

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Google Unveils New AI Tools for Workspace for Education | IDOs News

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Google has announced the release of new AI tools for its Google Workspace for Education, including the introduction of Gemini, aimed at enhancing learning experiences for teen students. This move is part of Google’s broader commitment to making AI helpful in educational settings and beyond, according to blog.google.

Helping Teen Students Learn Responsibly with Gemini

Google’s new AI tool, Gemini, is designed to prepare teens with the skills and tools necessary to thrive in a future where generative AI (GenAI) plays a significant role. Gemini offers guided support, in-the-moment assistance, practice materials, and real-time feedback, aiming to build students’ confidence and creativity.

Last year, Google introduced a responsible Gemini experience for teens using their personal Google Accounts. This initiative was developed in consultation with child safety and development experts to ensure safety and reliability. Building on this foundation, Google has continued to partner with learning science experts and youth advisory panels to enhance the tool’s safety and effectiveness.

Enhanced Safety Measures and Data Protection

Google has committed to extra data protection for all education users, ensuring that data from chats will not be used to improve AI models. This initiative is part of Google’s effort to bring AI technology to students responsibly.

In the coming months, Gemini will be made available to teen students who meet Google’s minimum age requirements while using their Google Workspace for Education accounts. This service will be free of charge for all educational institutions in over 100 countries. To maintain control, Gemini will be off by default for teens until school administrators choose to activate it through the Admin console.

Features for a Safe and Effective Learning Experience

Google has implemented several features to ensure a responsible and useful experience for younger students:

  • Gemini is tuned to identify and prevent the display of inappropriate content, such as illegal or age-restricted substances.
  • The tool includes a double-check response feature, which cross-references content across the web to substantiate its responses, promoting information literacy and critical thinking skills.
  • An AI Literacy video endorsed by ConnectSafely and FOSI is included in the teen-friendly onboarding process, offering tips on responsible AI usage.
  • The Learning Coach, a custom version of Gemini powered by LearnLM, will provide step-by-step study guidance and practice activities like quizzes and games.
  • Extensions from OpenStax and Data Commons will offer information from trusted sources to aid student learning.

These initiatives reflect Google’s ongoing commitment to integrating AI in education responsibly, equipping students with the tools and knowledge necessary for an AI-driven future.

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