According to Odaily, cryptocurrency mining company Riot Platforms announced on July 24 that the Ontario Capital Markets Tribunal has issued a cease-trade order against Bitfarms' poison pill strategy, effectively terminating the plan. Since June 13, Bitfarms has been opposing Riot Platforms' $950 million acquisition offer, arguing that Riot undervalued the company. Bitfarms adopted a rights plan, commonly known as a poison pill strategy, to thwart the acquisition attempt. This strategy allows existing shareholders to purchase additional shares at a significant discount, diluting the value of the shares held by the acquiring entity.

Under the now-defunct rights plan, if any entity acquired more than 15% of Bitfarms' outstanding shares before September 10, Bitfarms would issue new shares to other existing shareholders, thereby reducing the acquiring entity's ownership. Riot Platforms' CEO Jason Les stated that the tribunal's decision supports Riot's application and is a victory for all Bitfarms shareholders. Les added that the use of an off-market poison pill strategy highlights issues in Bitfarms' corporate governance and suggests that Bitfarms' directors are trying to entrench their positions.

Riot Platforms believes that three director candidates—John Delaney, Amy Freedman, and Ralph Goehring—must be elected to Bitfarms' board at the next shareholders' meeting on October 29. Meanwhile, Bitfarms' lead director Brian Howlett defended the implementation of the plan, stating that it was intended to preserve the integrity of alternative acquisition processes in light of Riot's opportunistic acquisition attempt.