Bitfarms (BITF.TO), a Bitcoin mining company, has appointed Ben Gagnon as its new CEO to oversee a strategic review and navigate a dispute with its largest shareholder, Riot Platforms (RIOT.O).
Gagnon’s promotion comes after months of leadership turmoil at Bitfarms. Former CEO Geoff Morphy, whose departure was announced in March, was initially expected to stay on while the company searched for a replacement. However, Bitfarms accelerated his termination in May, following a lawsuit filed by Morphy alleging $27 million in damages for breach of contract and wrongful dismissal. Bitfarms dismissed the claims as “without merit”.
Gagnon, who previously served as Bitfarms’ Chief Mining Officer, brings extensive experience to the role. He founded and operated two Bitcoin mining companies before joining Bitfarms in 2019. The company emphasizes his deep understanding of its operations, having worked closely with every department.
Bitfarms is currently conducting a strategic review to determine its future direction. The company is also facing a hostile takeover attempt from Riot Platforms. Bitfarms rejected Riot’s $950 million offer, arguing it undervalued the company, and implemented a “poison pill” defense to prevent a takeover. While Riot has withdrawn its offer, the company is seeking three board seats at Bitfarms and remains open to a potential transaction.
Gagnon’s appointment is seen as a move to reassure investors amid the company’s challenges. His experience and knowledge of Bitfarms’ operations could help navigate the strategic review and the ongoing conflict with Riot Platforms.