Riot Platforms considers Bitfarms' acquisition of Stronghold "worrying"

Bitcoin mining company Riot Platforms Inc. warned rival Bitfarms Ltd. not to take further action following a takeover bid for a smaller rival. Riot, Bitfarms' largest shareholder, issued the warning in part in response to Bitfarms' plan to acquire Stronghold Digital Mining Inc., announced last month. Riot has been trying to acquire Bitfarms for months, and the smaller rival has taken several steps to fend off the unsolicited takeover, including implementing a "poison pill" shareholder rights plan.

Bitfarms is reportedly scheduled to hold a special meeting on October 29, when Riot will have the opportunity to place its nominees on Bitfarms' board of directors. Riot said in a statement on Tuesday that it has reduced the list of proposed new director candidates from three to two. (Bloomberg) $BTC