Riot acquires 13.1% stake in Bitfarms

In a June 11 filing with the U.S. SEC, Riot disclosed that it had purchased approximately 6 million shares of Bitfarms common stock in three different transactions. The shares were worth more than $111 million at the time of the acquisition, and combined with Riot's previous acquisitions, means the company now holds a 13.1% stake in Bitfarms. On June 10, Bitfarms announced a shareholder rights plan that proposed a "poison pill" strategy as part of its defense against Riot's acquisition. The plan will attempt to prevent Riot from acquiring 15% or more of Bitfarms' shares, delaying the company's initial acquisition plan by diluting its stock value. (Cointelegraph) Yesterday's news, Bitcoin mining and infrastructure company Riot Platforms criticized Bitfarms for adopting a shareholder-unfriendly "poison pill" plan that prevents any shareholder from acquiring 15% or more of Bitfarms' common stock without approval. Riot said that the 15% trigger condition is in direct conflict with established laws and governance standards, reflecting poor corporate governance. Riot urged Bitfarms’ chairman to facilitate the resignation of Chairman and interim CEO Nicolas Bonta to address corporate governance issues.