Bitcoin mining company Riot increased its stake in Bitfarms by approximately 10.2 million shares in July, advancing its acquisition plan

Bitcoin miner Riot continues to try to acquire rival Bitfarms, buying about 10.2 million more shares of Bitfarms in July, according to a filing on Wednesday. In May, Riot attempted to acquire Bitfarms for about $950 million. The CEO of Riot Platforms criticized Bitfarms' plans to block the acquisition. In June, Bitfarms took its first "poison pill" measure to prevent a possible acquisition, and later upgraded the approach in July. According to Google Finance data, Riot's Nasdaq stock closed down 1.74% on Wednesday, while Bitfarms closed up 4.03%. Riot's stock price has fallen 33.87% so far this year. (The Block) Earlier today, Riot Platforms reported a net loss of $84.4 million in the second quarter, compared with a net loss of $27.4 million in the same period last year. Despite the financial setback, the company still achieved revenue of $70 million in the second quarter, slightly lower than $76.7 million in the same period last year. This result reflects the challenging environment after the recent "halving" event of the Bitcoin network. Riot Platforms also reported a 52% drop in Bitcoin production, from 1,775 in the second quarter of 2023 to 844. However, despite the decline in production, Riot Platforms still achieved strong gross profit margins and revenue was the same as last year.