Despite initially planning to buy all Bitfarms’ shares at $2.30 per share, Riot withdrew the offer, stating that cooperating with Bitfarms’ current board was difficult.
Amid the ongoing cold war between two major Bitcoin mining firms, Riot Platforms and Bitfarms, the latter has appointed a new board member to thwart attempts at a "hostile takeover."
On June 24, Riot Platform, which owns a 14.9% stake in Bitfarms, announced its intention to replace three members of Bitfarms’ board of directors with independent directors. This decision comes after the current board members blocked Riot’s attempt to increase its ownership to more than 15%.
At the same time, Riot had backtracked on its initial plan to acquire all Bitfarms common shares at US$2.30 per share, stating:
