I have no idea why Riot is trying to do an aggressive corporate takeover of Bitfarms but it's pretty sus.

All of their PR over the last week or two is complete BS and just goes to show what is terribly wrong with public corporations.

The good ol days of just shutting up, plugging in a miner, and hashing for the network is so far gone it's really sad the current state of mining.

capitalism at its finest! Business is business, but in the end - this looks a bit agro.

Riot Platforms, a bitcoin mining company, has increased its stake in rival Bitfarms to 14% by acquiring an additional 1,432,063 shares for around $3.87 million.[1] This move is part of Riot's ongoing hostile takeover attempt of Bitfarms, after its initial $950 million acquisition bid was rejected last month.[1][3]

Riot's CEO Jason Les criticized Bitfarms for adopting a "poison pill" strategy to block the takeover, calling it "shareholder unfriendly" and below the customary 20% threshold.[1][3] The poison pill would dilute Riot's stake if it acquires over 15% of Bitfarms' shares between June 20 and September 10.[1][5]

Riot now intends to call a special meeting of Bitfarms' shareholders to nominate independent directors to the board, aiming to address what it sees as "serious corporate governance issues" at Bitfarms.[1][3] The clash highlights growing concerns over governance and shareholder rights in the volatile crypto industry.[4]

Despite the tensions, Bitfarms' stock rose 15% after announcing plans to develop a large-scale mining site in the US, targeting a hash rate exceeding 35 EH/s by 2025.[1] Riot has a significantly larger market cap of $3.17 billion compared to Bitfarms' $1 billion.[1]

Sources [1] Riot Platforms raises Bitfarms stake to 14%, buys another $3.87 million worth of shares https://www.theblock.co/post/300098/riot-platforms-raises-bitfarms-stake?utm_source=rss&utm_medium=rss [2] Riot Platforms Acquires 12% Stake in Rival Bitfarms - USNews.com https://www.usnews.com/news/technology/articles/2024-06-05/riot-platforms-acquires-12-stake-in-rival-bitfarms [3] Riot Platforms CEO hits back at 'poison pill' plan to block Bitfarms ... https://www.theblock.co/post/299792/riot-platforms-ceo-hits-back-at-poison-pill-plan-to-block-bitfarms-takeover [4] Riot Platforms Clashes With Bitfarms Over Takeover Strategy https://finimize.com/content/riot-platforms-clashes-with-bitfarms-over-takeover-strategy [5] Bitfarms tries to block Riot Platforms hostile takeover with 'poison pill ... https://www.theblock.co/post/299299/bitfarms-tries-to-block-riot-platforms-hostile-takeover-with-poison-pill-approach [6] Riot Platforms, Inc. Reports Beneficial Ownership of 12% in Bitfarms ... https://www.riotplatforms.com/riot-platforms-inc-reports-beneficial-ownership-of-12-in-bitfarms-ltd/

The poison pill kicks in at 15 percent. Share dilution is bad for the stock price of BitFarms in the short term