Bitfarms’ stock price on the Nasdaq has increased more than 56% in the last 30 days amid Riot Platforms’ attempt at a takeover.
Jason Les, CEO of cryptocurrency mining firm Riot Platforms, opposes a Bitfarms plan to prevent the company from acquiring a more than 15% stake in a corporate takeover.
In a June 11 filing with the United States Securities and Exchange Commission, Riot disclosed that it had purchased roughly six million common shares of Bitfarms in three separate trades. The shares — worth more than $111 million at the time of purchase — and Riot’s previous acquisitions meant the company held a 13.1% stake in Bitfarms.
Bitfarms announced a shareholder rights plan on June 10 that suggested a “poison pill” strategy as part of its defense against a Riot takeover. The plan will attempt to interfere with Riot acquiring a 15% or higher stake in Bitfarms, slowing the company’s initial plans for a takeover by diluting the value of its shares.
