According to ChainCatcher, Riot Platforms has acquired 13.1% of Bitfarms' shares and plans to acquire further, but Bitfarms has prevented it from holding more than 15% through a "poison pill" strategy. Riot CEO Jason Les accused this strategy of violating legal standards. Riot disclosed on June 11 that it had purchased approximately 6 million shares of Bitfarms for $111 million. Bitfarms' stock price rose by more than 56% after the acquisition was announced. Bitfarms' former CEO Geoffrey Morphy resigned and Nicolas Bonta temporarily served as president. Les called for Bonta's removal, saying he had poor governance.
