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Riot Platforms has increased its acquisition efforts of Bitfarms by buying over 10 million more shares this month.
According to a <a href="https://www.sec.gov/Archives/edgar/data/1167419/000110465924084145/tm2415618d22_sc13da.htm" target="_blank" rel="noopener noreferrer nofollow">filing</a> with the US Securities and Exchange Commission on July 31, <a href="https://crypto.news/tag/riot-blockchain/" data-type="link" data-id="https://crypto.news/tag/riot-blockchain/" target="_blank" rel="noopener noreferrer nofollow">Riot</a>, a Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) mining company, now owns 71.56 million Bitfarms shares, valued at $159.1 million.
This means Riot now holds a 15.9% stake in <a href="https://crypto.news/tag/bitfarms/" target="_blank" data-type="link" data-id="https://crypto.news/tag/bitfarms/" rel="noopener noreferrer nofollow">Bitfarms</a>. According to the SEC filing, Riot purchased Bitfarms shares throughout the month of July, ranging from $2.48 to $2.84 per share.
Riot has an earnings call after trading hours on July 31. Its stock is currently trading at $10.61 per share.&nbsp;
You might also like: <a href="https://crypto.news/analyst-riot-acquisition-price-of-block-mining-is-justified-improves-its-hash-rate/" rel="noopener noreferrer nofollow"> Analyst: Riot acquisition price of Block Mining is ‘justified,’ improves its hash rate </a>
<h2 class="wp-block-heading" id="the-battle-between-riot-and-bitfarms">The battle between Riot and Bitfarms</h2>
Riot <a href="https://crypto.news/bitfarms-founders-may-not-be-acting-in-best-interests-of-shareholders/" target="_blank" rel="noopener noreferrer nofollow">announced</a> a $950 million acquisition bid for Bitfarms in late May, claiming that Bitfarms’ founders were not acting in the best interests of all shareholders. They stated that their proposal was rejected by the Bitfarms board without substantive engagement.
Bitfarms <a href="https://crypto.news/bitcoin-miner-riot-platforms-acquires-12-stake-in-bitfarms/" target="_blank" rel="noopener noreferrer nofollow">responded</a> by stating that Riot’s offer “significantly undervalues” its growth prospects.&nbsp;
Bitfarms then <a href="https://crypto.news/bitfarms-adopts-poison-pill-amid-riot-platforms-takeover-attempt/" target="_blank" rel="noopener noreferrer nofollow">implemented</a> a shareholder rights plan, often called a “poison pill,” to protect its strategic review process from hostile takeover attempts by Riot Platforms.
Riot owned 11.62% of Bitfarms’ shares at the time of the acquisition bid, Bitfarms’ board unanimously supported the poison pill plan to ensure their shareholders’ interests are safeguarded.
You might also like: <a href="https://crypto.news/bitfarms-appoints-ben-gagnon-as-ceo-following-takeover-fiasco/" rel="noopener noreferrer nofollow"> Bitfarms appoints Ben Gagnon as CEO following takeover fiasco </a>

Riot buys 10.23m more Bitfarms shares in July, increasing stake to 15.9%

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