TechFlow news, September 3 — According to Bloomberg, bitcoin miner Riot Platforms Inc. has issued a warning to its main rival Bitfarms Ltd., urging it to halt further acquisition activities. The warning specifically targets Bitfarms' announced plan last month to acquire Stronghold Digital Mining Inc. Riot, as Bitfarms’ largest shareholder, has expressed concerns over the transaction.
In recent months, Riot has been actively pursuing an acquisition of Bitfarms, but the latter has implemented several defensive measures, including a "poison pill" shareholder rights plan, to resist the unsolicited takeover bid. Bitfarms has scheduled a special shareholder meeting for October 29, at which Riot will have the opportunity to nominate board candidates. Notably, Riot recently announced it is reducing its proposed board nominees from three to two, signaling a strategic shift.
