Riot acquires 13% stake in Bitfarms, CEO opposes "poison pill" strategy

ChainCatcher news, Riot Platforms has acquired a 13.1% stake in Bitfarms and plans to acquire more, but Bitfarms is blocking its holdings from exceeding 15% through a "poison pill" strategy. Riot CEO Jason Les accuses this strategy of violating legal standards. Riot disclosed on June 11 that it purchased approximately 6 million shares of Bitfarms stock for $111 million. Bitfarms' stock price rose over 56% after the acquisition news was announced. Former Bitfarms CEO Geoffrey Morphy has resigned, and Nicolas Bonta is serving as interim president. Les is calling for Bonta's removal, citing poor governance.