TechFlow reported that according to Reuters, Bitcoin mining company Bitfarms has approved the adoption of a "poison pill" plan to prevent potential hostile takeover attempts by Riot Platforms. Shareholder rights plans, also known as "poison pill plans," are used by company boards of directors to prevent hostile takeovers.
Bitfarms said the rights plan must be approved by shareholders within six months of its adoption, otherwise the plan will terminate. Under Bitfarms' plan, if an entity accumulates more than 15% of Bitfarms' shares after June 20 and until September 10, the company will issue new shares to dilute the entity's shares.