Bitfarms Ltd. announced on August 13, 2024, that founder and chairman Nicolas Bonta "has decided to step down from the Board, also effective immediately"1. Bitfarms' filing said the board had appointed Lead Director Brian Howlett as the new independent chairman on August 13, 2024. CryptoSlate reported that Bonta was stepping down "amid the ongoing fight against Riot Platforms' hostile takeover bid," and that he was one of three board members Riot aimed to replace in an October shareholder vote2.
Five of Bitfarms' 9 leadership moves on the record came in 2024, its busiest year
Leadership moves CryptoLately has verified at Bitfarms, by year
- 2024: 5
- 2022, 2023, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2022 | 2 |
| 2023 | 0 |
| 2024 | 5 |
| 2025 | 1 |
| 2026 | 1 |
Four board exits on the record in 2024
Board exits CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2024: 4
- 2019, 2020, 2021, 2022, 2023, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 1 |
| 2020 | 2 |
| 2021 | 4 |
| 2022 | 0 |
| 2023 | 2 |
| 2024 | 4 |
| 2025 | 7 |
| 2026 | 10 |
The move
Bonta's own statement in Bitfarms' filing framed the exit as the end of a chapter he had built. “Founding Bitfarms and overseeing the Company's growth has been the highlight of my professional career,” he said. “Now is the right time for me to step down and for Ben to join the Board. I am equally confident in Brian's ability to lead the Board as we look ahead to the next phase of Bitfarms' growth.”1
Howlett answered with his own account of Bonta's record. “Nicolas played a critical role in the foundation and development of this Company,” Howlett said. “He laid the groundwork for our success as a bitcoin miner and spearheaded our international expansion, particularly in Latin America. I have been proud to work alongside him for the past four years and am grateful for the wisdom and guidance he has provided.”1
Before and after at Bitfarms
Bonta was Bitfarms' chairman and interim CEO in June 2024, BetaKit reported3. In June 2024, Riot moved to have shareholders vote him off the board. Riot had built a 15.9% stake in Bitfarms through share purchases, CryptoSlate reported. The outlet said Riot had “criticized Bitfarms' governance and called for the removal of the company's board”2. Riot first tried to acquire Bitfarms in April, for about $950 million, CryptoSlate added. Bitfarms rejected that offer, saying it undervalued the company.
Ben Gagnon, already Bitfarms' chief executive, joined the board alongside the chairmanship change. Liam Wilson was set to join as chief operating officer effective August 26, 2024, according to the filing1. Bitfarms had disclosed days earlier that revenue had dropped to $42 million in the second quarter, 16% below the first quarter, CryptoSlate reported. Behind the drop, Bitfarms said, were reduced block rewards after Bitcoin's April 2024 halving2.
What came next
Bitfarms and Riot settled their fight on September 23, 2024, six weeks after Bonta left the board, BetaKit reported. The settlement moved director Andrés Finkielsztain off Bitfarms' board and seated Amy Freedman, one of Riot's own nominees3. Riot withdrew its June push to force a shareholder vote reconstituting the board. The settlement also bound Riot to a standstill on challenging Bitfarms' control through the company's 2026 annual meeting, BetaKit reported. “As Bitfarms' largest shareholder, we look forward to supporting a reconstituted Bitfarms board and continued engagement with management,” Riot CEO Jason Les said in the settlement announcement. Gagnon, by then confirmed as CEO, told BetaKit, “We are pleased to reach this agreement with Riot and look forward to turning our full attention to executing our growth strategy.”
Sources
- Bitfarms Ltd., "Bitfarms Announces Board of Directors and Leadership Updates," material change report, August 13, 2024, https://www.sec.gov/Archives/edgar/data/1812477/000121390024068232/ea021122401ex99-1_bitfarms.htm
- Oluwapelumi Adejumo, "Board changes at Bitfarms amid revenue drop and Riot's hostile takeover efforts," CryptoSlate, August 13, 2024, https://cryptoslate.com/board-changes-at-bitfarms-amid-revenue-drop-and-riots-hostile-takeover-efforts/
- BetaKit, "Months-long dispute between Bitfarms and Riot Platforms draws to a close as companies reach settlement," September 23, 2024, https://news.google.com/rss/articles/CBMiwAFBVV95cUxQbHF3bmZ5WTdxc3NPdUJFbURHWVlpS2MxLWpEQVBtUG4wUmk3OHhWQ055a1FHOUNoOGJ4MzRucmNNZ3A4cGxIemtncFNubUlPS19GeGlYZkw3RmN0SU0yN2lIcGgxb1BwSll2WlRucEl3R3V6NnZBMGxFSk1LZEhQdjEyYXJtN0FzazI4TG9WZ1M1cHRqeVpROTNUODN6UmgxdmlycWQ2R0x3WmNvWEVma3o1QjA0VTZwcTBLZ3FFbjk?oc=5