According to Foresight News, Bitcoin mining and infrastructure company Riot Platforms criticized Bitfarms for adopting a shareholder-unfriendly "poison pill" plan that prevents any shareholder from acquiring 15% or more of Bitfarms' common stock without approval. Riot said the plan was below the customary threshold of 20% and reflected poor corporate governance.
Riot said that just a few days ago, Riot privately urged Bitfarms to consult with Riot and other major shareholders on the addition of new board members. Bitfarms did not engage with it privately and sincerely, but responded by implementing an off-site poison pill plan, which demonstrated the stubbornness of the Bitfarms board and its disregard for shareholder views. Riot urged the Bitfarms chairman to promote the resignation of chairman and interim CEO Nicolas Bonta to resolve corporate governance issues.
Earlier news revealed that Riot Platforms has acquired a 12% stake in Bitfarms, and Bitfarms has approved the adoption of a "poison pill" plan to prevent Riot Platforms' malicious takeover attempts.