Riot Acquires 13% Stake in Bitfarms, CEO Opposes 'Poison Pill' Strategy

Riot Platforms has acquired a 13.1% stake in Bitfarms, with plans for further acquisitions, but Bitfarms prevents it from exceeding a 15% stake through a "poison pill" strategy that Riot CEO Jason Les accuses of violating legal standards. Riot disclosed on June 11 that it had purchased about 6 million shares of Bitfarms stock for $111 million, and Bitfarms shares rose more than 56 percent after the news of the acquisition. former Bitfarms CEO Geoffrey Morphy resigned, and Nicolas Bonta stepped in as president.