Bitfarms Appoints Independent Council Members, This Is The Goal!

Bitfarms appoints independent council members (Photo; Doc. Globalfintechseries)

JAKARTA - Bitfarms, the mining company Bitcoin, appointed Fanny Philip as an independent board member. This decision comes amid an ongoing conflict with Riot Platforms, a Bitfarms shareholder who owns 14.9% of the company's shares. Riot previously expressed his intention to replace three members of the Bitfarms board with an independent director after efforts failed to increase his shares.

On June 27, Bitfarms announced the appointment of Fanny Philip as an independent board member. Philip, a blockchain and financial technology expert, brought extensive experience from various previous roles in blockchain and mining companies. Thus, four of the five council members are now independent.

Quoted from Crypto News, Edie Hofmeister, Chair of the Bitfarms Governance and Nomination Committee, explains, "Ravela's appointment to the Council follows a thorough search to identify high-quality directors who improve the Council's skills and mark significant progress in our commitment to refreshing the Council with independent candidates."

Hofmeister also emphasizes Philip's deep knowledge of the energy sector in North America and Europe, as well as his extensive experience in digital assets, mining, and artificial intelligence (AI).

Philip, who founded MTI Conseils Inc., has held senior positions in several blockchain and mining companies. Currently, he is CFO on SOVIAGO, serves on Canada's Blockchain Consortium mining committee, and is president of Québec branch. His appointment is expected to take advantage of his broad background to drive significant organic growth and capture a larger global demand share for Bitcoin.

The Bitfarms decision comes in response to Riot Platforms' announcement. Riot, which owns 14.9% of shares in Bitfarms, is seeking to replace three board members with independent directors. However, board members are currently blocking Riot's efforts to increase his holdings to more than 15%.

Riot previously tried to take over Bitfarms, but a purchase offer worth 950 million US Dollars (around Rp15 trillion) was rejected. As a result, Riot acquired 9.25% of the shares in Bitfarms. Although Riot withdrew his offer to acquire all Bitfarms common shares, the company remains committed to replacing board members. The three independent directors proposed by Riot are John Delaney, Amy Freedman, and Ralph Goehring.