**Bitfarms' Poison Pill Strategy Halted by Canadian Tribunal**

In a recent twist, the Ontario Capital Markets Tribunal has put an end to Bitfarms' poison pill strategy, aimed at blocking a $950 million takeover bid from rival Riot Platforms. This ruling, effective immediately, prevents Bitfarms from issuing new shares to dilute Riot's potential ownership.

Riot Platforms, which has been pushing for this buyout since June, hailed the decision as a victory for Bitfarms shareholders. Riot's CEO, Jason Les, criticized Bitfarms' corporate governance and called for the election of their director nominees at the upcoming shareholder meeting on October 29.

Bitfarms, however, defended their strategy, with lead director Brian Howlett stating it was meant to protect shareholder interests against Riot's "opportunistic" acquisition attempt. Despite the tribunal's decision, Bitfarms plans to adopt a new rights plan to safeguard its shareholders.

Bitfarms operates 12 Bitcoin mining facilities across Canada, the U.S., Paraguay, and Argentina. The company is currently led by interim president and CEO Nicolas Bonta, following the departure of former CEO Geoffrey Morphy. Riot's Les has urged the board to remove Bonta, citing poor governance practices.