Riot Platforms Increases Stake in Bitfarms to 14%, Pushing for Hostile Takeover

Bitcoin mining giant Riot Platforms is aggressively pursuing a hostile takeover of rival Bitfarms, increasing its stake to 14% by purchasing an additional $3.87 million worth of shares. This move comes after Bitfarms implemented a 'poison pill' strategy to prevent the takeover, diluting the stake of any entity acquiring over 15% of Bitfarms' shares. Riot Platforms' CEO, Jason Les, criticized Bitfarms for not engaging in good faith and implementing a poison pill below the customary 20% threshold. Riot aims to secure a special shareholder meeting to include independent directors on Bitfarms' board due to concerns regarding the latter's corporate governance. Meanwhile, Bitfarms announced plans to develop its first large-scale mining site in the U.S. at Pennsylvania. Riot Platforms' shares closed 3.2% higher, while Bitfarms' shares surged 15% on Thursday.