According to Odaily, Bitcoin miner Riot Platforms has strengthened its acquisition strategy for competitor Bitfarms by purchasing approximately 10 million additional shares this month. As of July 31, documents submitted to the U.S. Securities and Exchange Commission (SEC) reveal that Riot now holds 71.56 million shares of Bitfarms, valued at $159.1 million. This represents a 15.9% stake in the Canadian mining company.

The acquisition follows a recent ruling by the Ontario Capital Markets Tribunal, which invalidated Bitfarms' initial shareholder rights plan. The plan had stipulated that if any entity acquired more than 15% of the company, the circulating shares would be diluted. However, with the plan now nullified, Bitfarms has raised the dilution threshold from 15% to 20%. Seizing this opportunity, Riot Platforms increased its holdings in the competitor.