Riot Acquires 13% Stake in Bitfarms
In a recent submission to the United States Securities and Exchange Commission, Jason Les, the CEO of Riot Platforms, expressed his opposition to Bitfarms’ plan to prevent them from acquiring more than 15% of the company in a corporate takeover.
According to a filing made on June 11, Riot purchased approximately six million common shares of Bitfarms in three separate trades, which amounted to over $111 million at the time.
This, in addition to previous acquisitions, meant that Riot held a 13.1% stake in Bitfarms. On June 10, Bitfarms announced a shareholder rights plan, also known as a “poison pill” strategy, as part of its defense against a takeover by Riot.
This plan aims to hinder Riot from acquiring a 15% or higher stake in Bitfarms by diluting the value of its shares.
