Bitcoin Mining Giant Riot Platforms Ramps Up Rival Bitfarms Takeover Effort By Increasing Stake To 14%
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Bitcoin mining giant Riot Platforms Inc. has increased its stake in rival Bitfarms Ltd. to 14% as part of its hostile takeover bid. Riot purchased an additional $3.87 million worth of shares, bringing its total ownership to 57.62 million shares. Bitfarms implemented a "poison pill" strategy to prevent the takeover, diluting the stake of any entity acquiring more than 15% of its stake. Riot's CEO criticized Bitfarms' move and expressed concerns about its corporate governance. Shares of Riot Platforms closed 3.2% higher, while Bitfarms' shares surged 15%.